John Sarbanes: “Let me go back to this external debt that is being held outside the…”

On the recordDecember 19, 2005

Let me go back to this external debt that is being held outside the country. Isn't it important to understand, as difficult as the deficit and debt problems are, that when the debt is held internally, it is Americans owing it to Americans. But when the debt is being held externally, it means that as a nation, we have to service this debt which is being held outside of the country. So that amount becomes a charge, as it were, against our own standard of living; isn't that correct? Would not our standard of living be lowered as a consequence of having to meet this external debt-servicing requirement?

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John Sarbanes

Democratic · Maryland

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John Sarbanes: “Let me go back to this external debt that is being held outside the country. Isn't it important to understand, as…”