Political Quotes

“In this case, we are talking about microeconomic policy when we talk about balancing the budget, whether we have to raise taxes, whether we have to cut spending or have both. And we are talking also about a circumstance that may be very desirable at one time but very undesirable at another, a balanced budget at one time or another is desirable. But there are times when it is not desirable, as in the case of a recession. In the Eisenhower administration, the Eisenhower administration went quickly from a $3 billion surplus to a $9 billion deficit. It did so within four quarters. And so there are times in a recession when a balanced budget is not needed or desired. Today, I wish to make reference to a very great fear that I have, the fear being that if this amendment is adopted and if it is ratified by the necessary three-fourths of the States, it will have the inevitable result of bringing the courts into the equation.”