Deficit Reduction

From an interview on PBS Newshour.

SEN. BERNIE SANDERS: Absolutely, Judy. You're absolutely right. And the deficit is a very serious problem. Please, do not mishear me to suggest that it is not.

The deficit primarily has been caused by two wars unfunded, huge tax breaks to people who don't need it, an insurance-company-written Medicare Part D prescription drug program, and the bailout of Wall Street.

The cause of it is not hungry children in this country or people who are sleeping out on the street. So, we have got to deal with the deficit, but you do it in a fair and progressive way. For example, this year alone, we're losing a hundred billion dollars in revenue because corporations, the wealthy, are stashing their money in tax havens in the Cayman Islands.

This year, ExxonMobil, the most profitable corporation in the history of the world, is not paying a nickel in federal income taxes, despite having made $19 billion last year. In 2005, one-quarter of corporation -- large corporations in America making a trillion in revenue didn't pay a nickel in taxes. You have got a military budget which in many ways is still fighting the old Cold War.

So, I believe that we have to move toward significant deficit reduction, but you don't do it on the backs of the middle class and working families who are already suffering as a result of this Wall Street-caused recession.