If there is competition for this money, the interest rates go up. If the Government is borrowing to cover its own debt, that means interest rates go higher so the businessperson, whether he is in Chicago or she is in Springfield or New York City, is going to pay a higher interest rate for the capital needed in order to expand the business. That is what we are doing here. We are deepening the debt of the United States of America and increasing the deficit. If you look at why we are doing it, I think it tells another part of the story. This plan being proposed by the President for tax cuts is one that does not pass the fairness test. That is critically important. Issues have been raised during the course of the day, interesting issues about sacrifice in America. Since September 11, we have been proud of the unity of America and the spirit of sacrifice. People have said: We are coming forward to help. I remember, in the days after September 11, how many of us went to blood banks all across the United States, believing if there was a national emergency and a need, we wanted to make sure there would be an adequate blood supply. I remember seeing that in Chicago and other places, being a participant myself. There was an actual belief that we had an obligation as citizens to do something extra for America, the belief that we should sacrifice for the good and strength of this country. That belief is always out there in America.…
Editor's note · Context
Discussing the impact of government borrowing and tax cuts on interest rates and national debt.
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