2001: The National Debt Would Be Paid Off In Ten Years



George W. Bush : President of the United States
But in his first major address to Congress, President George W. Bush promised that his “responsible” budget would pay off the national debt in ten years:

"My budget has funded a responsible increase in our ongoing operations. It has funded our Nation’s important priorities. It has protected Social Security and Medicare. And our surpluses are big enough that there is still money left over.
Many of you have talked about the need to pay down our national debt. I listened, and I agree. We owe it to our children and our grandchildren to act now, and I hope you will join me to pay down $2 trillion in debt during the next 10 years. At the end of those 10 years, we will have paid down all the debt that is available to retire. That is more debt repaid more quickly than has ever been repaid by any nation at any time in history."


http://www.youtube.com/watch?feature=player_embedded&v=h5F79kd2O7U


http://thinkprogress.org/politics/2011/04/13/158414/bush-sotu-debt-flashback/?mobile=nc