John Sarbanes: “Now we are at a trillion. Each year, if you add $100 billion, $125 billion, $150 billion, if you run a deficit that year…”

“Now we are at a trillion. Each year, if you add $100 billion, $125 billion, $150 billion, if you run a deficit that year at $100 billion to $150 billion, that is another $100 billion or $150 billion you add to your debtor status. So, unless you get out of this status, you are continuing to worsen your position and get deeper and deeper into the hole. What it means to be in a debtor status is that others abroad have claims on us. When we were a creditor Nation we had claims on them. Now they have claims on us. I submit that is a weakening, that is a deterioration of the U.S. economic position. Then they will come along and say, ``Well, the economy is working well.'' The economy is working well now. There is no question about it. But the one thing we have not straightened out or addressed are these constant trade deficits which get us deeper and deeper into the hole. Others continue to finance us. But you wonder how long they are going to go on doing it. And even if they continue to do it, we nevertheless are more and more at their mercy. I mean we are depending on the good will of strangers, is what it amounts to, on the economic front. And I am just saying --now, if you didn't have fast track, would you correct it? Well, I don't know. At least the agreements would be subjected to a much closer scrutiny. In any event, we could turn our attention to finding out what the factors are that cause this.”