Quote

We're on the verge of a financial collapse unless we balance the budget, and that means some really, really tough decisions.

There are still deep-seated structural problems that threaten the economic balance in the world: Between the United States and China, for example, but also within Europe. We have taken a few steps toward taming the financial markets, but we haven't come nearly far enough to rule out a repetition of the crisis.

We have not recovered all that we lost in the Bush recession. That's why we need to continue to move forward.

However, the economics of our business continued to deteriorate. We barely escaped bankruptcy a year ago, and in the aftermath of that escape we had to make some even tougher decisions.

Stimulus spending, permanent bailouts, government takeovers, and federal mandates have all failed our nation. America's employers are afraid to invest in an economy racked with uncertainty over what Washington's next set of rules, regulations, mandates, and tax hikes will look like.

The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.

Recent economic data shows that our economy is robust, growing and headed in the right direction. The numbers don't lie. Americans are currently enjoying falling gas prices, low unemployment, increased job creation, and a stock market that has reached an all-time high.

If the financial system collapses, it's really, really hard to put it back together again.

Fear, greed and hope have destroyed more portfolio value than any recession or depression we have ever been through.

Once our country is fully engulfed in a debt crisis, our economy will be torn apart, and every American will be a victim of the federal government's failure to prevent this disaster.