What we do want to see is reforms that are going to have a permanent effect on the budget deficit.
If you think about it, candidate Obama, Sen. Obama, was running on sort of long-run economic issues, like restoring prosperity to the middle class, dealing with the perennial problem of health care in the United States. He talked a lot about the budget deficit, about the need to transition to clean energy.
We had a $10 billion budget deficit when we got here in January of 2003. We cut that budget deficit; we did not raise taxes; we came back in '05, and we had an $8 billion surplus. That's how fast it can happen.
Not in the constitution, but I would propose a law to the French parliament that provides for reducing the budget deficit year by year, until we have reached a balanced budget by 2017.
I said we are going to balance an $11 billion budget deficit in a $29 billion budget, so by percentage, the largest budget deficit in America, by percentage, larger than California, larger than New York, larger than Illinois. And we're going to balance that without raising taxes on the people of the state of New Jersey.
When the country's indebtedness is so colossal and where the budget deficit is so huge, there is a moral obligation on people to pay their fair and reasonable dues.
You mentioned Ross Perot. Mr. Perot jumped into the race at the last minute, had one issue that he ran on, the budget deficit, was in and out of the race a couple of times, and still got 20 million votes, didn't have the Internet.
I've, we have in this state, like many other states, we're experiencing an enormous budget deficit that we're trying to grapple with. But we will have progress despite the deficits.
Which European leader today would not relish the wonder-working powers of a Moses? Budget deficit? Unpopular cuts? How about just a little miracle, an overnight increase in gold reserves, a new oil field, or the next world-changing communications technology? Surely that's not too much to ask.