Senate Proceeding on Mar 12th, 2009 :: 7:18:23 to 7:20:35
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7:10:45 to 7:41:35( Edit History Discussion )
Speech By: George Voinovich

Voinovich uses some great visual aids to compare budget policy to both Frogger & Pacman.

7:18:23 to 7:18:43( Edit History Discussion )

George Voinovich: when i arrived in the senate in 1999, gross federal debt stood at $5.6 trillion, or 61% of the g.d.p. the obama administration recently projected the national dote more than double to $12.7 trillion by the end of fiscal year 2009. that would amount to a 126%

7:18:23 to 7:20:35( Edit History Discussion )

Pac-man ecoNOMNOMNOMics.

7:18:44 to 7:19:07( Edit History Discussion )

George Voinovich: increase compared with only a 56% increase in the gross domestic product during the same ten-year period. from 2008-2009 alone, the federal debt would increase 27%, boosting the country's debt-to-income ratio orational debt as a percentage of gross domestic product from 70%

7:19:08 to 7:19:28( Edit History Discussion )

George Voinovich: last year to 89% this year. and this is what i -- this is the pacman. here it was in 1999. the federal debt. then it's up to 70%. we're now up to 89%. i think there's still some people that understand pacman. when i was governor of ohio, i used to say that medicaid -- and i'm sure the -- mr. president,

7:19:29 to 7:19:53( Edit History Discussion )

George Voinovich: you under is the pacman that kept eating up the budgets in your state. under the obama budget, though, in 2017, for the first time since down our world war ii debt, the national debt will be larger than the size of the entire

7:19:54 to 7:20:14( Edit History Discussion )

George Voinovich: american economy. at that point, we'll be too fat and out of shape to escape from our creditors around the world. and that's what it's going to look like. 2017, it's -- it -- it's more than 100% of our gross domesti product. think of that. today, if we're candid with the

7:20:15 to 7:20:35( Edit History Discussion )

George Voinovich: american people, consider the tarp, stimulus package, and the money we continuously borrow from social security trust funds, we are facing a projected budget deficit of is more than four times the reported 2008 deficitf $455 billion.