Political Quotes

“Mr. President, like many of my colleagues, I was back in my State for the Fourth of July celebrations, and what struck me about those visits I made and visiting and interacting with people--and I remember riding my bike around my neighborhood on the Fourth, and there were lots of families, lots of lawn parties and pit fires and get- togethers, family get-togethers, people shooting off fireworks, and all of that sort of thing. It occurred to me as I was riding around that a lot of the people who live in those neighborhoods probably are not thinking about what is going to happen if we do not do something to address this spending and debt problem we have in this country. And we are very near a debt crisis. We have seen what has happened in other countries around the world. When you start looking at the increase in interest rates that occurs when you get into a debt crisis--and Greece is perhaps a good example of that because now they are facing, on 2-year debt, 24-percent interest rates. As we all know, Treasury interest rates, Federal borrowing, Treasury notes, bonds, bills--those sorts of things are sort of what drive interest rates in other areas of our economy.…”