Political Quotes

“He has said on numerous times that if we run up significant deficits and increased debt that it will eventually have an effect on interest rates. It will increase interest rates. For a person with a mortgage, car loans, and credit cards, every time we increase interest rates we have taken money out of their pockets. As we look at this, we just have to wonder how bad does it have to get before we notice that something is not right. As I indicated, we are not creating jobs. The Joint Committee on Taxation shows that in several years after we have passed this thing, as a direct result, we will have fewer jobs than if we had done nothing. Now, running up debt has consequences. Even if we do not pay the debt off, we have to pay interest on the national debt. Under the Clinton administration we left a surplus that was in the process, by all projections, of paying off the entire national debt, debt held by the public, by 2008; and by 2013 or so, pay off the entire national debt. So as this green bar shows, the interest on the national debt would be going towards zero. Unfortunately, because of all the new debt we are running up, the interest on the national debt that we can actually pay in red is going up to almost $500 billion. To put this number, since it is a big number, in perspective, I have put in blue the defense budget. We are going to be paying, instead of zero interest on the national debt, almost as much in interest on the national debt as we are paying on defense.”