Kent Conrad: “This has been the largest deficit in dollar terms in our country's history. But of course the size of the deficit does…”

“This has been the largest deficit in dollar terms in our country's history. But of course the size of the deficit does not equal the increase in the debt; the increases in the debt that these budgets are providing are much more than the deficit. For example, the year we are in now, they say the deficit will be $371 billion, but the debt is going to go up by about $650 billion. Our friends on the other side do not want to pay the bills. They want to spend the money, but they do not want to raise the revenue to cover their spending. That is what is really going on. They are unwilling to cut the spending to match the revenue they are willing to raise, and they are unwilling to raise the revenue to meet their spending. Either way, they will not cut the spending to match the revenue, and they will not raise the revenue to match their spending. The result is they tack it on the debt. Borrow, borrow, borrow. They say things are getting better. Really? Things are getting better? Here it is. Here is what will happen if this budget passes. They will add to the debt every year for the next 5 years more than $600 billion a year until we get to a point of over $11.8 trillion in debt. The proof is in the pudding.…”