David Schweikert: “To my friend, thank you for yielding me a few minutes here. One of the reasons I'm standing here is, over the last week…”

“To my friend, thank you for yielding me a few minutes here. One of the reasons I'm standing here is, over the last week we've heard the President talk about what we call the Buffett rule, and the Senate, and its failure to move the Buffett rule--thank heaven. And realizing, for a lot of Americans, they don't understand this is, A, it's absolutely pretend math. But it's also meant as an absolute attack on the entrepreneurs, on the wealth creators and the people that create jobs and economic growth in this country. So I thought I would do another one of my clocks to try to help folks understand the reality of the math. Think about this. We borrow about $3.5 billion every single day, which is actually an improvement from where we've been, but $3.5 billion every day. There's 1,440 minutes in a day. So we were trying to figure out how do you explain how little the Buffett rule does to help us in our debt crisis but how much damage it will ultimately do to our economic growth. And where this came from is 2 days ago my phone rang, and I had a gentleman from my district who was absolutely insistent that the Buffett rule would solve the debt problem. So we made a clock. And here it is. If you think about how much we borrow in a single day--that $3.5 billion in a day--how much would the Buffett rule, with our math, how much of that day would it cover of the debt? Remember, 1,440 minutes in a day. It would cover 3\1/2\ minutes of borrowing in a day. It's fantasy.…”