Leon Panetta Quotes
Throughout the 40 years I've been in Washington, I've always worked hard, particularly with regards to the budget issues.
Panetta, Leon. "Department of Defense Press Briefing." U.S. Department of Defense, 2011.
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.
Leon Edward Panetta is an American politician who has served in several different public office positions, including the Secretary of Defense, Director of the CIA, White House Chief of Staff, Director of the Office of Management and Budget, and as a U.S. Representative from California. A Democrat, Panetta was a member of the United States House of Representatives from 1977 to 1993, served as Director of the Office of Management and Budget from 1993 to 1994, and as President Bill Clinton's Chief of Staff from 1994 to 1997. He co-founded the Panetta Institute for Public Policy and served as a Distinguished Scholar to Chancellor Charles B. Reed of the California State University System and as a professor of public policy at Santa Clara University.
