James Buchanan actually said...

"Adversity teaches useful lessons to nations as well as individuals."

"Without this the Treasury will be exhausted before the 1st of January and the public credit will be seriously impaired."

"Necessity now compels us to arrest it, at least so far as to afford time to ascertain the amount appropriated and to provide the means of its payment."

"Under any form of government extravagance in expenditure must be the natural consequence when those who authorize the expenditure feel no responsibility in providing the means of payment."