Political Quotes

“Madam Chairwoman, in reference to one of the charts we just saw from the gentleman from California, I found it interesting that he laid out many different debts and deficits from prior Presidents, but the one he failed to present to this House was the one from President Obama. On the day that the President took office, we were projected, over the course of 10 years, to borrow $1.8 trillion, from the CBO, and today we are projected to borrow $9.4 trillion. We have inherited now a fiscal mess. Let's review where we're at. This country owes $14 trillion. This year we are going to borrow $1.6 trillion. Last year we borrowed over $1 trillion. The year before that we borrowed over $1 trillion. Let's look out 10 years. For the next 10 years, on average, we're going to borrow $1 trillion every single year. This is unsustainable. We cannot continue on this course. Listen, I wasn't a big fan of President Bush's spending, but his biggest year of deficit spending was $460 billion. That pales in comparison to the $1.6 trillion we're going to borrow today. I mean, I know we've all seen these charts so often, but this is our debt chart from the CBO. We have a sea of red, a sea of debt that we are going to leave off to the next generation. This is unconscionable. What does this mean for future generations? This means higher interest rates. This means massive tax increases. This means a lower standard of living for our next generation.…”