Marshall Sanford: “Finally, I would simply make this point: Not only can you only squeeze but so much blood from a turnip--and there are…”

“Finally, I would simply make this point: Not only can you only squeeze but so much blood from a turnip--and there are certainly limits that have shown themselves, which is around 18 or 20 percent of GDP, regardless of tax rate, up, down; there is that--but there is also this: You can pay me now, or you can pay me later in life. A deficit is simply a deferred tax. A debt is simply an accumulation of deferred taxes. One of the things, again, we have to get our arms around is that we are stacking up deferred taxes. We are stacking up an accumulation of taxes with debt and deficits. This budget, I think, begins to nudge us in the right direction in doing something about it.”