Deborah Koff Ross: “I welcome you both to continue with me in this dialogue in this Special Order on restoring fiscal discipline and common…”

“I welcome you both to continue with me in this dialogue in this Special Order on restoring fiscal discipline and common sense and accountability in our Nation's government. Since President Bush took office, the amount of foreign held treasury debt, we talked about it earlier, Mr. Scott, but I think it is important to note, that since he took office, the amount of foreign held treasury debt has more than doubled, increasing from $1 trillion to $2.1 trillion. Put another way, this administration has borrowed more money from foreign central banks and foreign investors than the previous 42 presidents combined. Unlike deficits in earlier years, I think it is important to note that current deficits have been primarily financed by foreign investors, with the rise in foreign-held debt equaling three-fourths the increase in publicly held debt since the start of the current administration. The rise in foreign held debt is troubling because it makes our economy beholding to foreign creditors and foreign investors and foreign central banks and, yes, foreign countries, and represents another financial burden passed on to our kids and grandkids, our children and grandchildren. Foreign held debt is fundamentally different from domestically held debt since the interest payments on foreign held debt flows outside the United States and reduces America's standard of living.…”