"The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
-- Thomas Jefferson, letter to John Taylor, 1816
"There is not a more important and fundamental principle in legislation, than that the ways and means ought always to face the public engagements; that our appropriations should ever go hand in hand with our promises. To say that the United States should be answerable for twenty-five millions of dollars without knowing whether the ways and means can be provided, and without knowing whether those who are to succeed us will think with us on the subject, would be rash and unjustifiable."
-- James Madison, Speech in Congress, 1790
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Published by Tom & Siena Hoefling