Political Quotes

“Madam President, this is a historic week in the Senate. She has spelled out what we face. I guess most people around America are looking at Washington and Capitol Hill and asking if there are any grownups left; can't adults sit down there in both political parties and solve our Nation's problems? It is a legitimate question because we are up against the deadline of August 2, the expiration of America's mortgage, the debt ceiling. It means that for the first time in history, if we don't act, we will default on our debt. That is significant because the United States enjoys a reputation around the world--the highest economic reputation around the world, a AAA bond rating, which is as good as it gets. If a person asks for credit and they have that rating, they are in great shape; they can borrow what they need at a good interest rate. That is what we have today. If we fail to do what we are supposed to do between now and August 2 and default on our debt, it will be the first time it has occurred, it will mean the promise of America to pay its bills has been broken, and it will mean our creditors around the world will have questions about whether we can be trusted. When creditors have questions, they cover the risk by raising interest rates. So if the interest rate on America goes up 1 percent--just 1 percent--it costs us $130 billion a year, added to our debt; projected over 10 years: $1.3 trillion for every 1 point interest.…”