Max Baucus: “The Cornyn amendment is a dangerous one. It would send the wrong message to people who are buying America's debt. It…”

“The Cornyn amendment is a dangerous one. It would send the wrong message to people who are buying America's debt. It would send a message that we are suspicious of people who buy our debt and would require the Treasury to opine the intent of purchasers of U.S. debt. It would thus discourage people from buying American debt. This would cause us to have to pay higher interest rates on our debt, and that would mean higher rates of inflation. It would roil the bond markets at a sensitive time. Look at what has happened in Europe and the softness there. For lots of reasons I think it is unwise to undertake this risky adventure.”