Political Quotes

“There is absolutely no value, no revenue raised that can be applied to the important aspects of running a government or reducing our deficit. Indeed, this is a burden on American businesses and American families that has no benefit in any other way. In fact, the Senator mentioned the ripple effect. That ripple effect means what damages a family--I gave the example of a simple situation when an employee does not get their wages. They cannot pay their child support and they cannot pay their mortgage--and then what goes on from there. Let's take, for example, the cut in food stamps. If food stamps are not issued, then it is not just the family who is directly hurt--and I might mention our most vulnerable families--but it is also the grocery stores that are hurt. They may have to lay off additional employees, additional ripples. This is a huge infliction of a burden. If we want to think of a few examples of what happens with the default, we can think of many. Let's picture the default tax. By threatening not to pay our bills, that reduces confidence in Treasury bills, so therefore the interest rates go up on those Treasury bills. The interest rates therefore on mortgages go up and the interest on home loans go up.”