Political Quotes

“I thank the gentleman for yielding. Mr. Speaker, I rise in opposition to this misguided attempt to amend our constitution. It is both bad economic policy and bad constitutional policy. Let's start with the basics. While balancing your budget and paying down your debts is important--and we did that under President Clinton-- a balanced budget every year, regardless of the circumstances, even when facing economic crisis, a natural disaster or a terrorist threat, is economically dangerous. We would be risking economic ruin if we enshrined this unyielding rule in the Constitution and shackled future generations to one particular economic policy preference that does not work at all times and in all situations. In general, the economists tell us, in good times, you should have a balanced budget and pay down the debt. In bad times, when a recession increases demands on government and tax revenues fall, or in emergencies, you need to be able to run a deficit. The nonpartisan economists at Macroeconomics Advisers, for example, tell us that if this amendment were in effect next year, in fiscal year 2012, it would eliminate 15 million jobs and double the unemployment rate. And this amendment would shackle future generations in such situations.…”