Tim Ryan: “Remember how many years ago when we had the Contract with America, one of the main components of that contract was that…”

“Remember how many years ago when we had the Contract with America, one of the main components of that contract was that we were going to have a balanced budget amendment to the Constitution, which meant that the budget in the United States had to be balanced every year. Everything had to be paid for. You either cut spending or you raised taxes, but you pay your bills, and I think there is some confusion at home, the debt is the mounting of yearly deficits, and it just keeps compounding. So the national debt is about $7 trillion I think, close to it. The annual deficit now for next year is projected to be, I think, $500 billion, close to $500 billion. So as you have a growing debt caused by annual deficits, you have to go out and borrow money. As the gentleman from Florida said, the country loaning us the most money, number one, is Japan. Number two is China. We are going to Japan and China to borrow money to pay for these deficits that we have so that we can keep giving these tax cuts to millionaires. It makes no sense.”