When the Bush Administration and the Republican controlled Congress took over in 2001, they inherited an unprecedented budget surplus. In record time they squandered the surplus, piled up $3 trillion in debt and lavished obscene tax breaks for the super-rich. They boast that deficits don’t matter. Our national debt is being financed by China, Japan and Saudi Arabia at frightening levels, threatening our security and standard of living.

Deficits do matter. I fully support the Democratic Congressional pledge for “pay-as-you-go,” requiring future tax cuts or spending initiatives to be offset by increased revenues or spending cuts in other areas.