Austin Scott: “Mr. Chandler, I want to make sure that the American people got what you just said. Now, just to make sure that they get…”

“Mr. Chandler, I want to make sure that the American people got what you just said. Now, just to make sure that they get it, what you said was that in the last 6 years under this administration this country has borrowed more money from foreign governments than all of the previous administrations going all of the way back to 1789, counting all of the wars, counting the Depression, World War I and World War II, all of the way up to now. From 1789 to 2001, we didn't borrow as much money as we have borrowed in the last 6 years. That is very important. And the other staggering point about that is just the interest that we are paying on this loan is the fastest growing segment of our budget, and just the interest that we are paying to these countries is more than we are collectively spending on our veterans, on homeland security, and on education. That is a remarkable state of financial irresponsibility; and the Blue Dogs are providing the leadership, have been for many years, and finally we got a first step into this process during the first 100 days under the leadership of Speaker Nancy Pelosi in passing the PAYGO legislation.”