Political Quotes

“Mr. President, the legislation we have before us today and have been working on is problematic. It is just not healthy because it is going to increase the debt to a significant degree. According to the Joint Committee on Taxation, the Democrats' first draft of the extenders bill--that is what we are calling this legislation--presented this week would have added $78.6 billion to the debt--another $78 billion. Total spending in that bill was $126 billion. They claim that $47 billion of this amount had been offset, meaning paid for. However, what we were not told is they were double counting many of the items. It was a manipulation. The numbers were worse than that. They were double counting some of the money and hiding the extent of the debt. There were just too many budget gimmicks, and the total impact of the bill, in truth, would have vastly exceeded the $78.6 billion that had been in the score. The Congressional Budget Office estimates the annual deficit for this fiscal year will be $1.5 trillion--$1,500 billion. This represents the largest annual deficit in the history of the American Republic. The CBO estimates that deficits will average--average--$1 trillion per year over the next 10 years under the budget as presented to us by President Obama. The lowest projected deficit in the 10-year period-- the lowest year--would be $724 billion. That is in 2014. The way the economy is moving, I have my doubts that would occur.…”