Political Quotes

“I have a chart which illustrates the point the gentleman was making about how did we get in this hole? We have to be candid about assessing what happened because that is how we are going to learn how to go forward. This part, looking out 10 years, is lost revenue due to the tax cut. So as we can see, the tax cut played a very major role in this sharp change in the fiscal fortune of our country. It certainly was not the only factor. The green shows the effect of the slowing economy. We slipped into a recession, and that has certainly made a bad situation worse. The blue and the purple underscore additional adjustments, including expenditures that will be made, not anticipated, in the budget forecast. Combine all of these and we see that the Republican tax cut was perhaps the largest driver in putting us back into deficits, but it has been joined by a number of other considerations as well. It just goes to prove the point, we do not bet the ranch on everything working out perfectly.”