Gary Locke Quotes
All the states are required, either by constitution or by statute, to have balanced budgets - they're not able to print money. So they have to focus on establishing priorities.
Locke, Gary. Interview. CNN, 2010.
An unusual feature of the American governmental budgeting process is that Congress has passed a law limiting the amount of debt that the United States can maintain. When there is deficit financing, the law limiting the debt has to be changed periodically as the nation approaches the debt limit. Partisan politicians often take advantage of the fact that the debt limit must be passed and hold the passage hostage to obtaining something they want. The reality is that when Congress passed the previous budgets, they determined what the debt would have to be later. So they have already voted to exceed the budget ceiling. But the requirement of doing it in a second forum allows more pressure to be placed on the administration and the other party’s Congress members. While this process is ongoing, many people in the world are worried and often terrorized by the prospect of the debt ceiling not being passed, in which case the United States would have to default on its obligations—not pay interest, contractors, retirements, salaries, etc. Hence the admonition that the debt ceiling should never be a part of the budget negotiating process by most responsible statesmen and women. But the mist partisan of the politicians want to play politics with the debt ceiling precisely because the stakes are so high and they can get both headlines and leverage.
This was a variation of the quotation of Canadian Minister of Finance, Jean Chretien, a decade earlier.
In 1964 the treasury secretary asked the president how to sell the proposed budget to Congress:
This is a particularly interesting historical quotation. It shows that when FDR was first elected, he had a classic view of deficit spending. However, above all, Roosevelt was a pragmatist and not an ideologue. Faced with the Great Depression that was not getting much better, Roosevelt turned around, changed his mind and policy about deficits and embarked on the “pump priming” approach of injecting substantial Federal spending into the economy and accepting the deficits in order to improve the situation which had been stagnant. FDR’s new policy staved off total disaster, but few remember that his great success was a total reversal of his earlier views.
This position angered the extreme conservatives and the extreme liberals who both opposed him in 2012. However, the majority of the state supported him and he was elected on this middle of the road platform with most of the activists against him.
Gary Faye Locke is an American politician and diplomat who served as the 10th United States ambassador to China (2011–2014). He was previously the 21st governor of Washington (1997–2005) and served in the Obama administration as United States Secretary of Commerce (2009–2011). Locke is the first governor in the continental United States of East Asian descent and the only Chinese American ever to have served as a governor of any state. He was also the first Chinese American to serve as the U.S. ambassador to China.
