Political Quotes

“Mr. President, the American credit card is maxed out. We continue to add about $1 trillion or $1.5 trillion to that credit card every single year to where it is now at $14 trillion. The amazing thing is, right now it is about noon, and between now and midnight tonight when this continuing resolution expires, if nothing is done the government would shut down. We will add more than $2 billion to that debt. In a 12-hour time period between noon and midnight tonight, we will add another more than $2 billion to that $14 trillion debt that is growing by the hour. We have a crisis in this country. We have had experts tell us, such as the former Chairman of the Federal Reserve, Alan Greenspan, that there is a 50-percent probability that we will see a debt crisis in the next 2 to 3 years. Interestingly enough, there was a story in the Wall Street Journal this morning that says: Europe's central bank became the first monetary authority in a major developed economy to raise interest rates since the global financial crisis struck, a sign that an era of cheap credit is coming to a close. It goes on to say the ECB increased its benchmark by a quarter point to 1.25 percent. Now, if we started to see an upward tick in interest rates, it would have a profound impact on the deficit and on the debt because the experts also tell us--the Congressional Budget Office and others--that for every 1 percentage point increase in interest rates, it would cost about $140 billion every single year.…”