Political Quotes

“That is true. This chart is as a percent of the GDP. So, look, we all want the economy to grow. Actually, they projected it will grow under the Congressional Budget Office analysis. Even so, that growth in the economy cannot keep up with this great surge in spending. So other folks have said on the floor over the last 24 hours: Well, gosh, let's go back to the Simpson-Bowles 3-to-1 ratio, where you have $3 in spending cuts for every $1 of revenue. That is what Erskine Bowles testified before the supercommittee on, that that was what their revenue was, $1 of revenue for every $3 in spending cuts. That is also not what this budget does, this underlying budget, because it actually increases taxes dramatically. Even under their own calculus, again, it is 1 to 1. We have looked at it. We think the tax increase is between $1 trillion and $1.5 trillion in this budget. So it is the biggest tax increase in the history of the country. What does $1 trillion mean--or $1.5 trillion? Well, it means that you are going to have to tax a lot of people other than rich people. I would refer you to an economic expert on this, a guy named Gene Sperling, who is down at the White House, who talks about these economic issues a lot. Here is what Gene Sperling said about raising $1 trillion. He said you cannot do it without hurting middle-class families.…”