"Deficits Don't Matter"

Cheney to Treasury: "Deficits don't matter"

Former Treasury Secretary Paul 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.
Source: [X-ref O'Neill] Adam Entous, Reuters, on AOL News Jan 11, 2004