Political Quotes

“Fiscal discipline is without doubt one of the most critical concerns on the Nation's agenda. A balanced budget amendment to the Constitution is the single most serious step--perhaps even a dire step--that Congress can take to achieve that discipline. I believe that step is necessary. Senator Simon has done the Nation a service by making us face our failings. I cosponsored the amendment by Senator Simon, and I salute the courage and wisdom he has shown. But as the debate has proceeded, another amendment--the Reid amendment--appears to chart a clearer path. The Reid amendment provides effective fiscal restraint without placing the Nation in a straitjacket. I have spent 40 years in public service as a State treasurer and as chief executive financial officer. I have operated under a balanced budget provision in the Tennessee constitution. I know what it takes to balance a budget. I know why it works, and I know how it works. I am convinced that the Reid amendment creates in the Federal budget process the fundamental conditions that make a balanced amendment work for the States. Matching expenditures with income is the first essential of balancing a budget. The principle of pay as you go has to be inviolate for a balanced budget to work. Cash on the barrel head is the way to pay as you go with an operating budget. It is not prudent to pay in part or pay later for something that won't be around later.”