John Chafee: “Well, I am rather sensitive on this subject, because during the debate over the balanced budget amendment, the…”

“Well, I am rather sensitive on this subject, because during the debate over the balanced budget amendment, the supporters of the amendment were sharply criticized for offering what was a placebo instead of the hard medicine needed to reduce the deficit. In other words, our desire to reduce the deficit through the constitutional amendment was labeled as a phony because the amendment did not state how the budget would be balanced. We did not detail that. Now here we are, 10 days later on the floor with a bill, legislation, that is similarly phony. It authorizes $2.8 billion in new spending but does not tell us how it is to be paid for. Suppose it did tell us how it was to be paid for: cuts, or savings in other programs. Is it immoral to take some savings that are there and put them toward the deficit? Instead of immediately grabbing them to spend in another program, this program for example? As I understand the budget deficit in the current fiscal year, it is anticipated to be $170 billion. Am I correct? That is the latest figure I have. The budget deficit for this current fiscal year ending in the end of September is $170 billion.”