Bob Kerrey: “I appreciate very much the Senator's steadfast support of the effort to say we have to reduce spending because we…”

“I appreciate very much the Senator's steadfast support of the effort to say we have to reduce spending because we believe it will be good for the economy. We believe it will give Alan Greenspan and the Federal Reserve some room to move. We believe it will sustain a low-inflation, low-interest-rate economic recovery if we do. But now is not the time to rest on our laurels. Now is not the time to sit down and say, 'Well, we went through all that mess last August, and we got the deficit down to $176 billion, and, gosh, we know we took a lot of heat for doing that, a lot of criticism for doing that, so let us just hope the economy continues to grow.' Mr. President, I do indeed see this connected to downward trends in inflation that probably began with deficit reduction action in 1990.”