Roy Cooper: “any day now, the United States of America will have borrowed over $8 trillion. That is not an occasion to celebrate.…”

“any day now, the United States of America will have borrowed over $8 trillion. That is not an occasion to celebrate. That is an occasion to be very worried about the future of our country. $8 trillion is a fantastic sum of money. To see how long it is, all those numbers stretched out, just look outside the office of any Blue Dog Member of this Congress and you will see a chart like this, because it will show you that as of today, the debt is $7.989 trillion. That means we are only $11 billion away from passing the $8 trillion threshold. How quickly are we approaching that threshold? We are borrowing almost $1 billion a day. That means within the next week or two, we will pass the $8 trillion threshold. Of course, much of the money we are borrowing, we are borrowing from foreigners, and increasingly from the Chinese. So all Americans need to be on alert, because this is something that has never happened before in all of American history. We have had ups and downs, we have had the Depression, we have had the Civil War, but we have never been borrowing money at this rate. Let me put it in historical perspective. It took the first 204 years of our Nation's history to accumulate $1 trillion in debt. And now we are doing that every 2 or 3 years. Our Nation's top accountant, David Walker, of the GAO has said that arguably the year 2004 was the worst year in America's entire fiscal history. Why would our top accountant say something like that?…”