Political Quotes

“Mr. President, there are currently two bills headed for a vote to raise the debt ceiling and to reduce spending. One of those two bills from the House, Speaker Boehner's, cuts about $1 trillion in spending and raises the debt ceiling by $1 trillion until the end of the year, approximately. That is about how long it would take to run up another $1 trillion in debt. The other bill from Senate Majority Leader Reid cuts about $1 trillion and raises the debt ceiling about $3 trillion--or past the 2012 election. This is because the President said emphatically just a few days ago at a press conference: The only bottom line I have is that we have to extend this debt ceiling through the next election, into 2013. So it is really quite simple. Speaker Boehner's bill lives up to the principle that I thought we had all agreed to: that every $1 in debt ceiling increase should be tied to a $1 reduction in spending. The spenders get an advantage since the spending reductions occur over 10 years, whereas the debt ceiling would increase immediately. But that is the principle on which we have been operating. Senator Reid's bill is a hoax. It uses Washington gimmicks designed to make it look three times as large as it is. In reality, it hikes the debt ceiling $3 for every $1 in spending cuts over 10 years. The House bill is 1 to 1, the Senate bill is 3 to 1. We have demonstrated this exhaustively in a Budget Committee analysis that I don't think people would dispute.…”