Pete Domenici: “while what is going on in Russia may be some of the worst news that could beset the free world, including our country…”

“while what is going on in Russia may be some of the worst news that could beset the free world, including our country, because of the acquisition of majority control of the third largest oil company by the Government of Russia in one sweep today, who knows what that means in terms of oil production and stability. But I rise because, on the other hand, while that bad news is occurring, the announcement today as to the status of the American economy is about the best news we have had in 20 years. Today it was announced that the economy grew by 7.2 percent in July. That is July, August, September, that quarter. It has been almost 19 years. Not since 1984 has this economy seen such GDP growth. This news was not unexpected. Many have been saying--certainly I have--for some time the policies we have adopted, specifically the tax reductions, would result in this kind of event being announced now or very close to now. In addition, this was reflected in the morning numbers today which showed personal consumption was at 6.6 percent. Interestingly, since consumption makes up 70 percent of the economy, growth accounted for by consumption would on its own have resulted in the economy growing 4.6 percent all by itself. Equally, if not more importantly, the long-term business investment grew by 11.1 percent in this quarter.”