Quotes & Sayings About Budget Deficit

If the interest rate the country pays on its debt is higher than the growth of nominal GDP (that's real GDP plus inflation) that debt ratio automatically goes up - unless the government runs a surplus in the budget excluding interest. Conversely, when the interest rate a country pays on its debt is below its growth rate, the ratio automatically drops, unless there's a deficit in the budget, excluding interest. The latter scenario - having interest rates below the growth rate - is like having the wind at your back. And that's the situation Spain, Ireland and Portugal should all be in this year. Italy is close. — Anonymous

Interest groups exercise influence way out of proportion to their place in society, distort both taxes and spending, and raise overall deficit levels through their ability to manipulate the budget in their favor. They also undermine the quality of public administration as a result of the multiple and often contradictory mandates they induce Congress to support. All of this has led to a crisis of representation, in which ordinary people feel their supposedly democratic government no longer truly reflects their interests but is under the control of a variety of shadowy elites. What is ironic and peculiar is that this crisis in representativeness has occurred in part because of reforms designed to make the system more democratic. — Francis Fukuyama

Our practical choice is not between a tax-cut deficit and a budgetary surplus. It is between two kinds of deficits: a chronic deficit of inertia, as the unwanted result of inadequate revenues and a restricted economy; or a temporary deficit of transition, resulting from a tax cut designed to boost the economy, increase tax revenues, and achieve
and I believe this can be done
a budget surplus. The first type of deficit is a sign of waste and weakness; the second reflects an investment in the future. — John F. Kennedy

The American people want a balanced budget. They want Congress to stop this barbaric practice of perpetual deficit spending. It really, if you think about it, is a form of taxation without representation. We fought a war over that issue and we won that war. — Mike Lee

Which European leader today would not relish the wonder-working powers of a Moses? Budget deficit? Unpopular cuts? How about just a little miracle, an overnight increase in gold reserves, a new oil field, or the next world-changing communications technology? Surely that's not too much to ask. — Jonathan Sacks

America cut back on "welfare" from the 1970s onward. Family income support fell from 0.4 percent of GDP in 1970 to under 0.2 percent in 2010.16 Welfare still looms large in the public's imagination, but it plays little role in the budget and the deficit. It's been a long time since America was generous to its poor families with children! The — Jeffrey D. Sachs

At times of recession, running a budget deficit is highly desirable. Once the economy begins to recover, you have to balance the budget. But it will also need additional revenues. Should the government not receive them, we will all get punished with higher interest rates. — George Soros

I've, we have in this state, like many other states, we're experiencing an enormous budget deficit that we're trying to grapple with. But we will have progress despite the deficits. — Jennifer Granholm

Recently the country has seen too much of our legislators, seeing them as a gaggle of check-kiting, judge-smearing deadbeats who don't pay their restaurant bills but raise their pay in the middle of the night. Many Americans-this columnist included-hitherto said tax increases are justified by the budget deficit now say: Give that mob more money? Never. Not a nickel of new taxes until term limits change the political culture on Capital Hill. — George Will

I said we are going to balance an $11 billion budget deficit in a $29 billion budget, so by percentage, the largest budget deficit in America, by percentage, larger than California, larger than New York, larger than Illinois. And we're going to balance that without raising taxes on the people of the state of New Jersey. — Chris Christie

You mentioned Ross Perot. Mr. Perot jumped into the race at the last minute, had one issue that he ran on, the budget deficit, was in and out of the race a couple of times, and still got 20 million votes, didn't have the Internet. — Hamilton Jordan

The only way America can reduce the long-term budget deficit, maintain vital services, protect Social Security and Medicare, invest more in education and infrastructure, and not raise taxes on the working middle class is by raising taxes on the super rich. — Robert Reich

Governing isn't as easy as you think. Many of you have taken pledges that are contradictory - to balance the budget and cut taxes, for example. You must be honest about the numbers, since our annual deficit now exceeds all discretionary spending combined. — Brian Baird

The right way to deal with a budget problem that was years in the making is by formulating a credible plan to reduce the deficit over time and as the economy is able to withstand the necessary fiscal belt-tightening. That is what President Obama is doing. — Christina Romer

I want to cut - personally, I want to cut spending. Personally, I just don't believe we can continue to add to the deficit. So, actually, personally, I like the budget cap. — Jason Chaffetz

If you look at the studies coming out of the Congressional Budget Office, the number one thing that's going to blow a hole in the deficit as we go forward 20, 30 years is government spending on healthcare. — Christina Romer

Cold-turkey deficit reduction would cause a significant recession. A recent analysis by the Congressional Budget Office estimated that going headlong over the cliff would cause our gross domestic product, which has been growing at an annual rate of around 2 percent, to fall at a rate of 2.9 percent in the first half of 2013. — Christina Romer

To many Congressmen and Senators right now, there's a ceaseless antagonism toward Hollywood because politically, it is high-reward and low-risk. So when you can't do anything about poverty or the budget deficit, and you can't deal with Bosnia or the possibility of nuclear explosions in Russia, what do you do? You bash Hollywood and get on the front pages. — Jack Valenti

The European Commission granted France an extra two years to meet its mandated budget deficit target of 3% of GDP. The deadline had already been extended by two years in 2013. It gave little explanation for the latest extension, which disappointed fiscal hawks. — Anonymous

The federal budget deficit is the biggest single impediment to revitalizing the American economy. — Alice Rivlin

In the budget, the president will call for a five-year freeze on discretionary spending other than for national security. This will reduce the deficit by more than $400 billion over the next decade and bring this category of spending to the lowest share of our economy since Dwight Eisenhower was president. — Jacob Lew

Whenever the debate moves on to hard numbers - our deficit with Europe, our surplus with the rest of the world, our Brussels budget contributions, the tiny part of our economy dependent on sales to the EU, the vast part subjected to EU regulation - Euro-enthusiasts quickly shift their ground and start harrumphing about influence. — Daniel Hannan

Pennsylvania is facing challenging economic times, a multi-billion dollar budget deficit, and negative cash flow projections. My Budget Deficit and Fiscal Stabilization Task Force will get to work to determine the scope of the challenges facing Pennsylvania and begin to discuss how we can get Pennsylvania's fiscal house in order. — Tom Wolf

A city suffering from chronic poverty, out-of-control crime, a $76 million budget deficit and a 15 percent unemployment rate (nearly 50 percent for Oakland's youth) can hardly afford such social justice follies. But a pushover Democratic mayor and an overwhelmed police force have left what's left of gainfully employed Oakland taxpayers at the mercy of professional freeloaders and anti-capitalism saboteurs. — Michelle Malkin

The poor have been sent to the front lines of a federal budget deficit reduction war that few other groups were drafted to fight ... — Marian Wright Edelman

The United States has a huge budget deficit so taxes are going to have to go up and I certainly agree they should go up more on the rich than everyone else. That - that's just justice. — Bill Gates

It is a paradoxical truth that tax rates are too high and tax revenues are too low and the soundest way to raise the revenues in the long run is to cut the rates now Cutting taxes now is not to incur a budget deficit, but to achieve the more prosperous, expanding economy which can bring a budget surplus. — John F. Kennedy

The climate, financial and national security crises are all connected. They share the same cause: Our [the USA's] absurd dependency on foreign oil. As long as we need to spend billions of dollars each year to buy foreign oil from state-run oil companies in the Persian Gulf, our problems of a trade deficit, a budget deficit and a climate crisis will persist. — Al Gore

The deficit only became a big problem in the Reagan-Bush years. For 12 years, Republican presidents talked about balancing the budget, but failed to propose one. — Dick Gephardt

To reduce deficit spending and our enormous debt, you reign in spending. You cut the budget. You don't take more from the private sector and grow government with it. And that's exactly what Obama has in mind with this expiration of Bush tax cuts proposal of his. — Sarah Palin

Fourth, to assure every entrepreneur and every job creator that their investments in America will not vanish as have those in Greece, we will cut the deficit and put America on track to a balanced budget. — Mitt Romney

Not in the constitution, but I would propose a law to the French parliament that provides for reducing the budget deficit year by year, until we have reached a balanced budget by 2017. — Francois Hollande

Budget cuts if you're not rich, tax cuts if you are. Less money for those who don't have any and more to those who do. That's how President Fredo says we're going to get out of the giant deficit hole he's dug. You can't put it any more simply. Rich people richer. Poor people poorer. — Will Durst

the United States will need substantially more revenues to close the budget deficit, especially recognizing the need to increase federal spending in certain critical areas. I — Jeffrey D. Sachs

Yes, the deficit doctors have their scalpels out all right, but they're not poised over the budget. That's as fat as ever and getting fatter. What they're ready to operate on is your wallet. — Ronald Reagan

Meanwhile, the U.S. debt remains, as it has been since 1790, a war debt; the United States continues to spend more on its military than do all other nations on earth put together, and military expenditures are not only the basis of the government's industrial policy; they also take up such a huge proportion of the budget that by many estimations, were it not for them, the United States would not run a deficit at all. — David Graeber

American's greatest deficit is no longer found in the federal budget. It is a moral deficit, and it may be found in a polluted and poisoned culture that has become the great enemy within. — Pat Buchanan

We had a $10 billion budget deficit when we got here in January of 2003. We cut that budget deficit; we did not raise taxes; we came back in '05, and we had an $8 billion surplus. That's how fast it can happen. — Rick Perry

At one point in the journey, we're approaching the Arc de Triomphe.

"That's awesome," states Paul.

"My guidebook says that it's the resting place of the 'unknown soldier' and the flame never goes out," I announce proudly.

The taxi driver says something to Elizabeth, who is sitting in the front.

"Franz here, suggests that if the budget deficit gets any worse, they intend to turn the gas off except on Public Holidays."

"Still practically every day then! — Chambers Mars

Mr. Obama denounced the $2.3 trillion added to the national debt on Mr. Bush's watch as 'deficits as far as the eye can see.' But Mr. Obama's budget adds $9.3 trillion to the debt over the next 10 years. What happened to Obama the deficit hawk? — Karl Rove

If you took every single penny that Warren Buffett has, it'd pay for 4-1/2 days of the US government. This tax-the-rich won't work. The problem here is the government is way bigger than even the capacity of the rich to sustain it. The Buffett Rule would raise $3.2 billion a year, and take 514 years just to pay off Obama's 2011 budget deficit. — Mark Steyn

As Vermont's senator and a member of the Budget Committee, I will not support a plan to reduce the deficit that does not call for shared sacrifice. — Bernie Sanders

When it comes to the budget, we know that we shouldn't be cutting more on core investments, like education, that are going to help us grow in the future. And we've already seen the deficit cut in half. It's going down faster than any time in the last 60 years. So why would we make more cuts in education, more cuts in basic research? Nobody thinks that's a good idea. — Barack Obama

There's a phrase that critics of economic forecasting like to use: Give an economist a result you want, and he'll find the numbers to justify it. This entire city is filled with number crunchers who look at the exact same data and interpret it in widely disparate ways on everything from the federal budget deficit to the Social Security surplus." "Meaning that data can be manipulated." "Of course it can, depending on who's paying the meter and whose political agenda is being furthered, — David Baldacci

If you think about it, candidate Obama, Sen. Obama, was running on sort of long-run economic issues, like restoring prosperity to the middle class, dealing with the perennial problem of health care in the United States. He talked a lot about the budget deficit, about the need to transition to clean energy. — Christina Romer

If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession. — Franklin Raines

When the country's indebtedness is so colossal and where the budget deficit is so huge, there is a moral obligation on people to pay their fair and reasonable dues. — John Caudwell

In fact, our monthly trade deficit figure is so huge it equals the entire annual budget of our Department of Veterans Affairs. Veterans fought to make us free from foreign tyranny, but the new tyranny is taking a different form. — Marcy Kaptur

The supposition that there is massive waste to be cut in the civilian budget is simply a myth. To recapitulate: ending all earmarks and foreign aid and achieving all of the specific cuts on civilian programs proposed by the deficit commission, even if such choices were meritorious, would amount to less than 1 percent of GDP. True — Jeffrey D. Sachs

Reconciliation is a special budget procedure to change entitlement and tax laws. It cannot be filibustered and requires only a simple majority in the Senate to be passed. It is primarily intended for deficit and mandatory spending reduction. — Jeff Miller

I will fight for budget honesty and eliminating the deficit to reduce the transfer of debt to younger generations. — Roscoe Bartlett

Democrats were quick to point out that President Bush's budget creates a 1 trillion dollar deficit. The White House quickly responded with 'Hey, look over there, it's Saddam Hussein.' — Craig Kilborn

I don't think we'll solve the problem of the deficit until three things happen: We need more discipline on spending in Congress. We need a constitutional amendment requiring Congress to balance the budget. And we need to give our presidents a line-item veto. — Ronald Reagan

I would listen with growing outrage as hypocritical and obtuse American senators made all these demands of Iraqi legislators and yet themselves could not even pass budgets or appropriations bills, not to mention deal with tough challenges like the budget deficit, Social Security, and entitlement reforms. So many times I wanted to come right out of my chair at the witness table and scream, You guys have been in business for over two hundred years and can't pass routine legislation. How can you be so impatient with a bunch of parliamentarians who've been at it a year after four thousand years of dictatorship? — Robert M. Gates

What we do want to see is reforms that are going to have a permanent effect on the budget deficit. — Ed Parker

We are committed to achieving the fiscal deficit target announced in the budget. — Narendra Modi

We can't have deficit spending in Texas. You have to balance your budget every two years. — Rick Perry

One of the issues that we professional newspaper columnists are required by union regulations to voice grave concern about is the federal budget deficit, which we refer to as the "mounting" deficit, because every extra word helps when you have to produce a certain number of gravely concerned newsprint inches. — Dave Barry

Europe is right to tell us to reduce this [France's budget] deficit and spend less. Europe is right to demand this of us but cannot at the same time demand us to increase our dues. — Nicolas Sarkozy

Arnold was on the 'Today' show today, he was a little light on specifics. He said he could solve California's $38 billion budget deficit, without cutting spending or raising taxes because there was a third way. What is it? Let's just say it involves a robot going back in time to convince Gray Davis to go into dentistry. — Bill Maher

What we're discussing privately and publicly, is a budget which is a blueprint for the future which creates jobs, which educates our children, which provides healthcare for all Americans, which takes our deficit down, which gives a tax cut for 95% of the American people. — Nancy Pelosi

The federal budget deficit isn't the nation's major economic problem and deficit reduction shouldn't be our major goal.
Our problem is lack of good jobs and sufficient growth, and our goal must be to revive both. — Robert Reich

As many frustrated Americans who have joined the Tea Party realize, we cannot stand against big government at home while supporting it abroad. We cannot talk about fiscal responsibility while spending trillions on occupying and bullying the rest of the world. We cannot talk about the budget deficit and spiraling domestic spending without looking at the costs of maintaining an American empire of more than 700 military bases in more than 120 foreign countries. We cannot pat ourselves on the back for cutting a few thousand dollars from a nature preserve or an inner-city swimming pool at home while turning a blind eye to a Pentagon budget that nearly equals those of the rest of the world combined. — Ron Paul