Pete Domenici: “The Senator should also add that as the deficit turns into debt--that is the accumulation of the deficit, the debt--you…”

“The Senator should also add that as the deficit turns into debt--that is the accumulation of the deficit, the debt--you have to go out and borrow that money. And essentially that is not saving. To the extent that you have to go borrow the money, you have to get it from somewhere. And our biggest activity for not saving has been the deficit. It gobbles it up, and it isn't available. It is used for that, if nothing else, plus the fact that high taxes prevent you from being able to have any left over, which is your premise here today. We are not in the greatest shape in just that one area. The economy looks pretty good. It looks like we are moving in the right direction in how we treat our American business. It seems like they have a little more freedom than European companies. We find that they do better for us and better for workers that way. That is better than most countries. But saving is still something that we are working very hard on. If we can get the deficit down to zero, we are surely moving in the direction of putting more savings into the total pot of savings for growth, prosperity, and other uses. I yield the floor.”