Austin Scott: “And the people are not asking for these tax cuts. They are not demanding these tax cuts. They are demanding that the…”

“And the people are not asking for these tax cuts. They are not demanding these tax cuts. They are demanding that the borders be secure. They are demanding that gas prices come down. And it is a shame that this budget is not addressing this. And the President is about tax cuts. Well, they are not really tax cuts. They are deferred tax increases. Somebody has got to pay for those. And the tragedy is, Mr. Ross, that we are at the mercy in borrowing money from foreign governments. And not just any foreign governments. It is very important that we take a look at the major players on the international stage now as far as our basic fiscal insecurity is concerned. 90 percent, 90 percent of everything we are spending to run this Government of the United States today is on borrowed money. From China, nearly $300 billion. From Japan, nearly $700 billion. From Taiwan, $118 billion. From Hong-Kong, $127 billion. From the OPEC nations of Saudi Arabia and others in the Middle East, staggering, over $200 billion. You look at those countries, Mr. Ross, and you must realize that those are some of the same countries that are eating our lunch on this oil. The other countries that are eating our lunch on oil, Iran, Iraq, where we are mired, Saudi Arabia, again, where we are, and the Middle Eastern countries underneath have about 30 to 40 percent of all of the known oil reserves at this time.…”