Political Quotes

“A New York Times analysis found that 90 percent of our deficit is due to the policies of the previous administration, the extension of those policies, and the economic downturn. However we believe America got into this mess, this Congress can begin getting America out of it. That is why Congress must pass one of the most proven deficit cutting tools we know, statutory pay-as-you-go legislation or, as it is affectionately known, PAYGO. Now, let me point out this chart to my right, your left. The deficits are when we did not have statutory PAYGO in effect. Now, when statutory PAYGO was put into effect in 1990, we still had deficits, but you can see that we started reducing those deficits almost on a straight line. And then in 1997 we went into surplus, fiscal year 1998, and we went into surplus for the next 4 years under PAYGO. Unfortunately, you will see that in 2001 it was decided that we would waive PAYGO, and then in 2003 it was decided by the then majority party that we would eliminate statutory PAYGO. And you can see the result. We returned to deep deficits.”