Political Quotes

“Many of our colleagues on both sides of the aisle would not be here today if President Jefferson had not borrowed to finance the Louisiana Purchase. Mr. Speaker, this bill promises all the fun of a constitutional amendment without actually amending the Constitution. It simply says that the United States should default on our debts and destroy our economy if we don't amend the Constitution. If we default on our debts, we will do more damage to our economy than large deficits, tax increases and draconian cuts combined. Right now, we enjoy very low interest rates because we are still the most stable, reliable and wealthy country in the world. If the markets get the idea that we are too dysfunctional to pay our debts, even though we are certainly wealthy enough to do so, nothing else will matter. Interest rates will climb. Homeowners and businesses will be pushed out of the credit market. The stock market will crash. Never before in the history of this country has anyone been irresponsible enough to play chicken with our full faith and credit. Never. We know how to balance the budget, because we've done it before. In the not-too-distant past, we managed, in working with President Clinton, not only to balance the budget but to run surpluses and begin paying down the debt. Unfortunately, President Bush and a Republican Congress managed to turn record surpluses into record deficits in record time.…”