Political Quotes

“Mr. President, I stand today to urge my colleagues to support one of the most important pieces of legislation that has come before this body in decades, Senate Joint Resolution 10, the Hatch-Lee balanced budget amendment proposal. The reason why I insist this is so important is because of a crisis we are facing today. We have accumulated about $15 trillion in sovereign debt on behalf of the United States--$15 trillion. It works out to about $50,000 for every man, woman, and child in America. This is an amount of money that could represent an expensive car. It could represent a college education. It could represent all kinds of things. But it represents ultimately debt that Congress has incurred, debt that Congress cannot afford to continue to incur at this same rate, which we are doing every day. We are adding to that debt at an unsustainable rate of about $1.5 trillion every single year. Here is why that is so distressing to me. As the White House itself acknowledged a few months ago, we are now within about a decade, perhaps much less, of owing about $1 trillion a year just in interest on our national debt. Currently we are paying a little over $200 billion a year in interest. By the end of this decade, that number is likely to rise to an astounding $1 trillion a year. We could reach that number much sooner than that.…”