Gotta love the fact the Speaker is playing hardball:
Former Fed Chief Alan Greenspan Denounces Republican Fiscal Irresponsibility
Ã¢â‚¬Å“Former Federal Reserve Chairman Alan Greenspan sharply criticizes President George W. Bush’s administration and Republican congressional leaders in his memoir for putting political imperatives ahead of sound economic policies . . .Ã¢â‚¬Â [Reuters, 9/15/07] Ã¢â‚¬Å“In the 500-page book, Ã¢â‚¬ËœThe Age of Turbulence: Adventures in a New World,Ã¢â‚¬â„¢ Mr. Greenspan describes the Bush administration as so captive to its own political operation that it paid little attention to fiscal discipline.Ã¢â‚¬Â [New York Times, 9/15/07] Greenspan says, ” ‘Deficits don’t matter,’ to my chagrin became part of the Republicans’ rhetoric.” [Washington Post, 9/15/07] Ã¢â‚¬Å“In “The Age of Turbulence: Adventures in a New World,” published by Penguin Press, Mr. Greenspan criticizes both congressional Republicans and President George W. Bush for abandoning fiscal discipline.Ã¢â‚¬Â [Wall Street Journal, 9/15/07] “Little value was placed on rigorous economic policy debate or the weighing of long-term consequences,” he writes of the Bush administration.Ã‚Â [Forbes, 9/15/07] Ã¢â‚¬Å“Republicans in Congress, he writes, “swapped principle for power. They ended up with neither. They deserved to lose.” [Wall Street Journal, 9/15/07] Under GOP Leadership, National Debt and Deficits Soared
From 2001 through 2006, President Bush and the Republican-led Congress presided over the most fiscally irresponsible period in American history.
- From Surplus to Deficit:Ã‚Â A $5.6 trillion 10-year surplus became a $3 trillion 10-year deficit, more than an $8 trillion turn-around.
- AmericaÃ¢â‚¬â„¢s National Debt Skyrocketed.Ã‚Â The national debt increased from $5.7 trillion when President Bush was inaugurated in 2001 to almost $9 trillion today Ã¢â‚¬â€œ growing 56 percent.Ã‚Â The national debt is now $29,500 for every American.
- Worst Deficits in History:Ã‚Â President Bush and the Republican-controlled Congress posted the three worst deficits in the history of the country — $378 billion in 2003, $413 billion in 2004, and $318 billion in 2005.
- Borrowing from Foreign Countries at Record High: Ã‚Â President Bush has borrowed more from foreign nations than all the previous American Presidents combined.Ã‚Â Furthermore, 80 percent of the new public debt has been borrowed from foreign creditors Ã¢â‚¬â€œ making our fiscal integrity a matter of national security.
The New Direction Congress Is Restoring Fiscal Responsibility
The 110th Congress is taking America in a New Direction, restoring fiscal responsibility and ensuring taxpayer dollars are spent wisely.
- Within the first 24 hours, the New Direction Congress restored strict pay-as-you-go budget discipline rules that succeeded in the 1990s in turning record deficits into record surpluses and have adhered to those rules, even as we are providing childrenÃ¢â‚¬â„¢s health care and investing in our energy independence for example.
- The Congress has passed a budget that balances over the next five years, without raising taxes.Ã‚Â By contrast, the PresidentÃ¢â‚¬â„¢s budget fails to reach balance, according to the nonpartisan Congressional Budget Office.
- The domestic spending bills make tough choices Ã¢â‚¬â€œ cutting low-priority programs, but rejecting the PresidentÃ¢â‚¬â„¢s most harmful cuts and making targeted investments in veterans, education, health care, homeland security and law enforcement. They are under FY 2004 spending levels, after adjusting for inflation and population growth.
And Mr. Greenspan certainly has a spotless reputation.