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“The power to borrow money is general and unlimited . . . By this means, they may create a national debt, so large, as to exceed the ability of the country ever to sink. I can scarcely contemplate a greater calamity that could befal this country, than to be loaded with a debt exceeding their ability ever to discharge. If this be a just remark, it is unwise and improvident to vest in the general government a power to borrow at discretion, without any limitation or restriction. (I)t would certainly have been a wise provision in this constitution, to have made it necessary that two thirds of the members should assent to borrowing money—when the necessity was indispensible, this assent would always be given, and in no other cause ought it to be.”

Brutus, Letter 8 (January 10, 1788), 2.9.95, in Herbert J. Storing, ed., The Anti-Federalist, Chicago: University of Chicago Press, 1985, p. 151.

"It's a great disappointment, a tremendous disappointment, because--what is it, $858 billion in two years added to the deficit? I mean, that just breaks your heart. What the hell do you think we've been talking about?"

Sen. Alan Simpson (WY-R), on the two year extension of the Bush tax cuts in 2010. Newsweek, December 27, 2010, p. 28.

"It will be precipitous. It won't be six months, might not even be six weeks. It might be six days when they suddenly start the flight. And I know how bankers are: once the flight starts, and the money and rumors, it'll be fast and difficult. . . . We don't know the tipping point. But the tipping point will come if you fail to address the long-term problem of debt, deficit, and interest."

Sen. Alan Simpson (WY-R), on the Chinese pulling out as a creditor of the U.S. Government holding Treasury bonds. Newsweek, December 27, 2010, p. 28.