A Quote by Hillary Clinton
I served on the budget committee in the Senate, and I remember as vividly as if it were yesterday when we had a hearing in which Alan Greenspan came and justified increasing spending and cutting taxes, saying that we didn't really need to pay down the debt - outrageous in my view.
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For the last several decades, there was a prevailing belief among traditional economists that the markets were rational and self-correcting. Alan Greenspan advocated this view. But the 2008 financial crisis showed that this view is incorrect, and Greenspan eventually admitted as much.
We ought to pay down the national debt, ... The American people are tired of people who make promises about cutting taxes that they cannot keep.
Casting is really weird. Honestly, when Alan Ruck's name came up - and I've worked with Alan before - I went, "Yes, he's perfect." He came in and read for us, which was really sweet of him because he didn't have to, and he nailed it in seconds. We knew exactly who we had. That stuff is really good and fun.
The biggest source of getting the country to a balanced budget is not by raising taxes or by cutting spending. It's by encouraging the growth of the economy.
We need a wealth tax that on a one-time basis is going to take back at least some small fraction of the great windfall that the upper 1 percent, or 5 percent and pay down the government debt, pay back the federal debt because we can't put this on the next generation or they're going to be buried paying taxes.
When the former Fed chairman was in, Alan Greenspan was in, there was a saying back in those days that you called the 'Greenspan put.' Any time the treasury secretary - for the Fed chairman - said something, the market saw that as good news, and it took off.
We should balance the budget. If government programs are important enough, we need to pay for them with taxes or make cuts in lesser programs. We've lost that discipline entirely. It seems prudent to avoid the possibility that the people who own our debt will start to worry the U.S. won't pay. That would raise how much it would cost the U.S. to borrow, which in a national emergency, like a war or pandemic, could be critical.
I was the chairman of the House Budget Committee and one of the chief architects the last time we balanced a budget, and it was the first time we had done it since man walked on the moon. We had a $5 trillion surplus and we cut taxes.
Debt is not caused by spending, it is caused by buying things that you don't pay for. Or, it's caused by cutting revenues that you don't offset ... by cuts in spending.
It is being alleged that the Federal Government is 'cutting' spending. In fact, we are not 'cutting' anything. Defense spending under this budget would rise by 4.3 percent over last year. Other discretionary spending would also rise.
For eight years, I've served on the Indian Affairs committee, two years as the ranking member. I've been on that committee since Day One. I will stay on the committee for as long as I'm in the Senate because of my commitment to making a difference for Alaska Natives.
After the $700 billion bailout, the trillion-dollar stimulus, and the massive budget bill with over 9,000 earmarks, many of you implored Washington to please stop spending money we don't have. But, instead of cutting, we saw an unprecedented explosion of government spending and debt, unlike anything we have seen in the history of our country.
Raising the debt ceiling is not additional spending. It is simply saying, you, the United States of America, can continue to borrow the money you need to pay the bills you have already rung up.
After the $700 billion bailout, the trillion-dollar stimulus, and the massive budget bill with over 9,000 earmarks, many of you implored Washington to please stop spending money that we don't have. But instead of cutting, we saw an unprecedented explosion of government spending and debt. It was unlike anything we've ever seen before in the history of the country.
Ronald Reagan cut taxes to raise the deficit to stop liberals in future years from increasing spending. Obama will raise spending to raise the deficit to stop conservatives in future years from cutting taxes. As he funds every liberal dream - from alternative energy production to infrastructure renovation to more federal revenue sharing - he will force a massive expansion in the size of government for a decade to come.
It seems to me that instead of cutting taxes, we ought to be increasing the taxes to pay off the deficit, rather than let that thing build up to the point where our grandchildren's grandchildren are going to be paying for our period of time and our years at the helm.
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