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Respectfully Quoted: A Dictionary of Quotations. 1989.

AUTHOR: Franklin Delano Roosevelt (1882–1945)
QUOTATION: If the Nation is living within its income, its credit is good. If, in some crises, it lives beyond its income for a year or two, it can usually borrow temporarily at reasonable rates. But if, like a spendthrift, it throws discretion to the winds, and is willing to make no sacrifice at all in spending; if it extends its taxing to the limit of the people’s power to pay and continues to pile up deficits, then it is on the road to bankruptcy.
ATTRIBUTION: FRANKLIN D. ROOSEVELT, governor of New York, campaign address on the federal budget, Pittsburgh, Pennsylvania, October 19, 1932.—The Public Papers and Addresses of Franklin D. Roosevelt, 1928–1932, p. 797 (1938).
SUBJECTS: Government spending