Hal Rogers: “on the so-called stimulus bill, instead of engaging in constructive solutions to address the economic crisis gripping…”

“on the so-called stimulus bill, instead of engaging in constructive solutions to address the economic crisis gripping the Nation, the majority chooses to take advantage of it, using fear tactics to try and shame us into supporting an over $1 trillion spending package loaded with questionable programs that have nothing to do with getting the American people back to work. At the end of January, the Federal debt stood at a whopping $10.6 trillion, a third of which was held by foreign nations, mainly and namely, Communist China. This month, the Treasury has already announced a record debt sale, thanks in part to our failed $700 billion Wall Street bailout. A staggering $941 billion was added to our children's tab this year alone, and with passage of this latest package, the Federal debt will reach a record $13 trillion by the end of fiscal 2009. In the next few months, for the first time in world history, the United States will be offering for sale on the market upwards of $5 trillion worth of Treasury notes. Who's going to buy those notes? Will we have to raise interest to attract that capital? What happens when we raise interest rates? That means inflation takes over and the devaluation of the dollar continues unabated. That's what the result will be. And while the majority celebrates over the so-called stimulus package, the effects of this bill will be the opposite: interest rates will soar, inflation will rise, the value of the dollar will plummet.”