Political Quotes

“If Senator Cornyn could join us, we would be pleased. Mr. President, the debt situation we are in today is the most serious our Nation has ever faced. A lot of people do not understand it and do not understand how serious it is. Even after World War II, we had growth. We had the baby boomers just coming of age, we had more young people and fewer older people, and the situation was more positive than it is today, even though we had debt after the war. That is just a fact. I have tried to look at the creation of a budget that would balance in 10 years, bring us into balance in 10 years. It is hard to do. It absolutely can be done. It takes some real effort, but it can be done. We can do it, and we have to do it. But President Obama, during his years as President, is on track to have four consecutive trillion- dollar deficits--the highest deficit we have had previously was the $450 billion deficit that President Bush had. We have had $1.2 trillion and $1.3 trillion. This September 30, when the fiscal year ends, it is estimated to be $1.5 trillion for 2011. We take in $2.2 trillion, we are spending $3.7 trillion, and 40 cents of every dollar we spend this year is borrowed. It is an unsustainable course. President Obama appointed a deficit commission. He appointed Erskine Bowles, a former Chief of Staff of President Clinton, as co-chair. He also chose Alan Simpson, a former Republican Senator.…”