Traditionally, the way deficits have been cut is you hold expenditures more or less constant in real dollars and then let growth come in to fill it up.
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In order to reduce the deficit, there has to be revenue in addition to cuts.
Well, a deficit reflects an imbalance between spending and revenue, and so narrowing it requires acting on one, the other or both.
The best way to deal with the deficit is through economic growth.
When the economy is growing, there's a lot that can be done to deal with the deficit.
Certainly, cutting spending is one of the things that can transcend to the federal government. I mean, I think the federal government has grown by leaps and bounds, and they need to look where do they need to cut.
One of the reasons the deficit got as big as it did, frankly, was because of the economic slowdown, the fall-off in deficits, the terrorist attacks. A significant chunk was taken out of the economy by what happened after the attacks of 9/11.
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.
We can have tax cuts, but when we have tax cuts and do not have a surplus, the amount of the tax cut goes straight to the bottom line, adds to the deficit, and the deficit adds to the national debt, and sooner or later, the debt has to be paid.
Government spending is being restrained, the economy is making progress and moving forward, and the pro-growth, tax cutting policies put in place have allowed businesses to grow, which has brought in additional tax revenue to help pay off the debt.
The only way to eliminate the deficit in the long run is through growth.
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