When Dick Cheney speaks on the deficit, people listen

Former Treasury Secretary Paul O'Neill was told "deficits don't matter."

O'Neill had raised objections to a new round of tax cuts and said the president balked at his more aggressive plan to combat corporate crime after a string of accounting scandals. This was because of opposition from "the corporate crowd," a key GOP constituency.

O'Neill said he tried to warn Vice President Dick Cheney that growing budget deficits-expected to top $500 billion this fiscal year alone-posed a threat to the economy. 

Cheney cut him off. "You know, Paul, Reagan proved deficits don't matter," he said, according to excerpts. Cheney continued: "We won the midterms (congressional elections). This is our due." A month later, Cheney told the Treasury secretary he was fired.

John Snow, who replaced O'Neill, insisted that deficits "do matter" to the administration.

Source: [X-ref O'Neill] Adam Entous, Reuters, on AOL News Jan 11, 2004
source: http://www.ontheissues.org/2004/Dick_Cheney_Budget_+_Economy.htm

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