Political Quotes

“we talked about a number of challenges our Nation faces and the debt course we are on. The Director of the Congressional Budget Office, Mr. Elmendorf, testified just a few weeks ago before our Budget Committee and declared that we remain on an unsustainable financial course even after the Budget Control Act that reduced spending and even after the tax increase in January, and that this does not get us out of the danger zone. We have hundreds of billions of dollars in deficits every year, and he is projecting that interest on our debt in the 10th year will rise to $800 billion, which is about what the score of the Murray budget that is on the floor today would add to our debt. Fundamentally, this budget that is before us today did not change the debt course we are on. It does not have $2 trillion in spending reductions, and it leaves us on the same dangerous course as Mr. Elmendorf said we are on, so we have to get off of it. I want to share a few things that drive home the danger we are in. Now, we have a strong economy. We have a great entrepreneurial spirit. We have a tremendous infrastructure compared to most places. We have a rule of law that helps us tremendously in terms of managerial efficiency and contracts and complex documents that can be entered into. If there is a dispute over it, you can go to a Federal or State court and have a pretty good chance of a fair decision being reached even in the most complex matters involving high finance.…”