Political Quotes

“my distinguished colleagues who have spoken this afternoon have pointed out a truth that is impossible to refute, which is, at the rate the Federal Government is spending, we will have acquired $15 trillion of debt by the end of this year. That is a lot of money. It is requiring a lot of interest payment. That interest payment is only going to grow large in the coming years. The Obama administration is already predicting that by the end of the decade, we will be paying $1 trillion a year just to service the interest on our national debt. To put that in perspective, that is more than we spend on Social Security in an entire year, more than we spend on Medicare and Medicaid combined in an entire year, more than we spend on national defense in an entire year. I actually believe that 10 years is putting it optimistically. I think that day is coming much sooner. For that reason, I believe this body needs to pass a budget, a budget that balances. The problem has been this body has refused to do this. Every time we proceed with the idea that we will cut so many billions of dollars over the next 10 years or every time we adopt statutory spending caps, as we did with the Gramm-Rudman-Hollings Act almost 30 years ago, as we did with the pay-go rules, Congress has treated those as something Congress can exempt itself out of. Congress has become a walking, breathing waiver unto itself. The problem is that we, as a legislative body, cannot bind future Congresses.…”