Political Quotes

“there are a number of huge issues facing our country. Our middle class is collapsing. Poverty is increasing. We are in two wars. We are concerned about global warming, the quality of our education, and massive unemployment. So this country today has its share of serious problems we have to address. Right now, a whole lot of attention, not inappropriately, is on our very large deficit and a $14 trillion-plus national debt. This is an issue which is perhaps going to come to a head over the next few months as it becomes tied to whether we raise the debt ceiling. I wish to say a few words on this issue. No. 1, when we talk about deficit reduction, it is important for us to understand how we got to where we are today. How did it happen? How do we have a $1.5 trillion deficit this year, and a $14 trillion-plus national debt? Let's remember that not so many years ago, at the end of President Clinton's tenure, this country had a significant budget surplus and the expectation was that surplus was going to grow in the years to come. But then a number of things happened during the Bush years. No. 1, we became engaged in two wars. No. 2, we passed a Medicare Part D prescription drug program. No. 3, we bailed out Wall Street. And No. 4, we gave huge tax breaks to the wealthiest people in this country. Then, as a result of the Wall Street-caused recession, revenue dropped, and the result was that we now have a very high deficit and a very large national debt.…”