Lloyd Bentsen: “I think this is one of the largest mistakes that we could make in this country. I think we have to go back and take a…”

“I think this is one of the largest mistakes that we could make in this country. I think we have to go back and take a look at the economic history, the fiscal economic history of the United States, to see where we are, how we got there and the risk that this plan provides to the American people. It was not too long ago in 1992 when the country was looking at fiscal deficits in the range of $292 billion a year. In fact, if we go back to 1981, we see since that time the national debt has quadrupled to $5.4 trillion. In terms of our gross domestic product it has doubled to the level of 677 percent to the level of our Gross Domestic Product, something that no business or no state or local government in our country would allow their finances to get into. Interest on the debt has become the third highest Federal program since 1981, tripling over that time.”