Political Quotes

“I thank the Senator. Let me go back to where I began. What is this about? This is fundamentally about the economic future of the United States. Newsweek magazine, cover story, December 7: ``How Great Powers Fall.'' ``Steep debt, slow growth, and high spending kill empires.'' Colleagues, is there any doubt we are on a collision course with economic reality? The Congressional Budget Office, 1\1/2\ hours ago, issued a new report saying the deficit for this year will be $1.350 trillion--$1.350 trillion--and, in coming years, staggering deficits for as far as the eye can see. The debt--which swelled to more than double its 2001 level during the previous administration's 8 years--the debt is expected to rise by a similar magnitude over the next 5 years and then again in 10 years. There is, to me, no question that doing things the same old way that has led to this crisis is unlikely to lead to a different result. Senator Gregg and I have a special responsibility to our colleagues with respect to the budget. The budget process--if you look at it--we have done 35 budgets since the Budget Act; 29 of the 35 have been for budgets of 5 years or less. This is not a 5-year issue; this is a long- term issue. In the short term, we have had to take on more deficits and debt to prevent a global economic collapse. But now we must pivot and put in place a long-term plan to deal with the crisis confronting this Nation. That crisis is a debt threat of unprecedented proportion.…”