The vice president said that “the people of Minnesota, the people of the United States, were absolutely devastated by the eight years of neglect, eight years of a policy that masqueraded as a vision, which was little more than a Ponzi scheme, that Wall Street was conducting. For eight years, all that happened was we piled up debt, we generated losses for the middle class, and the end result was, when we came into office, we inherited, before I a chance to turn on the computer in the office — Fritz, your old office – we were handed a bill for $1.3 trillion, a projected deficit of $8 trillion for the next 10 years, if we did nothing.”

The vice president said “if I hear one more Republican tell me about balancing the budget, I am going to strangle them. To the press: that’s a figure of speech.”

The Republicans’ new “Pledge to America,” he said, will increase the debt by $1 trillion.

“These guys have absolutely no credibility, no credibility on debt,” he said. “Folks, look, we’ve seen this movie before. We’ve seen this movie. We know how it ends”