Political Quotes

“I thank the Senator for his comments and his leadership on all these matters that relate fundamentally to job creation and economic growth. Tax increases do not facilitate economic growth. And when you surge debt, it increases more and more pressure to raise taxes. A lot of people in my State say: Jeff, the debt is being run up so you will have to raise taxes. That is what they planned all along. Whether it is true or not, we are finding that. So we need to take steps today to put this country on a sound financial course. To demonstrate how impactful the debt is, this year the interest on the debt we will pay--of the entire $3,700 billion we spend, $225 billion will be spent on paying the interest on the money we borrowed. A lot of people do not understand, when you borrow money, you pay interest on it. And the interest rates at this point in history are some of the lowest in history for a developed economy. But the President's own budget--the tables he has in his own budget, the assumptions he has about the expenses we will have to pay--assumes that 10 years from today we will not be paying $230 billion but $850 billion. That is more than Social Security. That is more than Medicare. That is more than the Defense Department. That is 10 times what we spend on food stamps. It is multiple times what we spend on education and highways--maybe 20 times what we spend on highways.…”