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| Re: US National Debt passes $12 trillion (525702) | |||
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Re: US National Debt passes $12 trillion |
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Posted by SMAZ on Wed Nov 18 09:40:08 2009, in response to Re: US National Debt passes $12 trillion, posted by David Fairthorne on Wed Nov 18 00:45:05 2009. "Cheney to Treasury: "Deficits don't matter" Former Treasury Secretary Paul O'Neill was told "deficits don't matter" when he warned of a looming fiscal crisis. O'Neill, fired in a shakeup of Bush's economic team in December 2002, raised objections to a new round of tax cuts and said the president balked at his more aggressive plan to combat corporate crime after a string of accounting scandals because of opposition from "the corporate crowd," a key constituency. O'Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. Cheney cut him off. "You know, Paul, Reagan proved deficits don't matter," he said, according to excerpts. Cheney continued: "We won the midterms (congressional elections). This is our due." A month later, Cheney told the Treasury secretary he was fired. The vice president's office had no immediate comment, but John Snow, who replaced O'Neill, insisted that deficits "do matter" to the |
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