Political Quotes

“CBO's May report shows the deficit has dropped another $220 billion. The Federal deficit continues to fall faster now than it has since post-World War II demobilization in the late forties and early fifties. Earlier this month, OMB released its mid-session review that estimates deficits will be reduced to below 3 percent of GDP by 2017, and will continue to fall, reaching 2 percent by 2023. This recent good news hasn't eliminated the need to address our long-term fiscal crisis, but it has created some breathing space for us to renew our investments in America. We're now 5 years removed from the financial crisis, and have yet to demonstrate an ability to balance competing needs between the long-term deficit reduction need and investments in the future that made America great. House Republicans have been obsessed by the debt, but struggle to recognize any need for investment in education, R&D, and infrastructure. A few weeks ago, Larry Summers best summarized our predicament when he said: Just as you burden future generations when you accumulate debt, you also burden future generations when you defer maintenance. Given the current market, we're refusing to maintain our infrastructure at a time when investors are literally throwing money at us. To be clear, yields on the 5-, 7-, and 10-year Treasuries have been negative for the past 2 years.…”