David Price: “The strongest economy and the most sustained recovery. We even reached the point where we were running a surplus, not…”

“The strongest economy and the most sustained recovery. We even reached the point where we were running a surplus, not just a Social Security surplus, but a surplus in the general fund of this government. We retired $400 billion worth of the national debt. But our Republican friends might not be convinced by that historical lesson. It does not reflect very well on them. So let me just ask the gentleman, look back to some previous Republican administrations. Is it not true that in 1982, when the Nation went into a recession and President Reagan had pushed through some tax cuts and the deficits were mounting, that with Senator Robert Dole's leadership some of those tax cuts were rescinded and some spending was cut? The Congress and the President found themselves in a hole, and they quit digging. They at least quit digging. They did not make the problem worse. To some extent they halted the deterioration of our fiscal situation. Then think about the first President Bush. I am sure you remember that battle. President Bush said ``read my lips'' and had gotten himself locked into a situation. But when the economy declined, when the fiscal situation deteriorated, he had the courage and the statesmanship to work with Democrats across the aisle and to put a 5-year budget plan in place. So the first President Bush, when he found himself in a hole, he quit digging.”