Political Quotes

“It was not 3 weeks ago that the United States had a sale of the U.S. Treasuries that was undersubscribed, which means there were not enough purchasers of our debt for that particular bond issue of U.S. Treasuries that day, which is to say that in order to attract buyers of our debt, we are going to have to pay a higher interest rate to the people who are willing to lend us the money, which is to say that our interest rate payments are going to go up, which means a larger portion of the annual Federal budget will have to go towards paying the interest on our national debt, which is to say that it is a potential trigger for inflation. Inflation is a job killer. We have asked the Japanese, who had a period of time in the 1990s called the forgotten decade, how we can avoid, in the United States, having a forgotten decade? They have told us, don't raise taxes during a recession. So we are in a conundrum. If we raise taxes, we will increase the length of the recession, potentially. If we don't raise taxes, the deficit will grow, potentially leaving us, in my opinion, with one good choice. The good choice is to cut spending. How does this Congress cut spending? This Congress has never cut spending. I am delighted to be a Member of Congress at a time of economic turmoil because I come from the State of Wyoming. Wyoming is a State where we have had boom and bust cycles because of our dependence on the economies of oil, gas, and coal. As commodities go, the State of Wyoming goes.”