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 peoples power to pay and continues to pile up deficits, then it is on the road to bankruptcy.

Public Papers of the Presidents of the United States: F.D. Roosevelt, 1928-1932, Volume 1: (ed. Best Books on, 1938) - ISBN: 9781623769604