Political Quotes

“I rise to address the House regarding the budget, the debt ceiling that we are now approaching, and why that is important to the American people in an expanded economy for the United States and an expanded job market. First let us look at the overspending of the Federal Government. Back in 1947 the Federal budget represented 12 percent of this country's gross domestic product. Today it represents almost 22 percent of the gross domestic product. The Federal Government is expanding at an alarming rate. The Government has not relied on the political negatives of increasing taxes to afford this increased spending, but rather has decided that it is more politically wise to continue borrowing. Our Federal debt today is $4.8 trillion. Our Federal debt after two world wars was only $340 billion. We are increasing spending at an alarming rate and you know most people in America say we do not care how Government keeps its books; what we want is better jobs and a better economy. Here is why it is important. Here is why how we keep our books affects those jobs and affects the economy of this country. Government this year is borrowing 42 percent of all of the money lent out in the United States. Think what that extra demand does for the pressure to increase interest rates. Alan Greenspan, the Chairman of the Federal Reserve, suggests that if we are able to balance our budget, we will see interest rates drop between 1 and 2 percentage points.”