Byron Dorgan: “This is not money we owe to ourselves. That is money we owe largely to Japan, and China, and other countries and will be…”

“This is not money we owe to ourselves. That is money we owe largely to Japan, and China, and other countries and will be repaid someday with a lower standard of living in this country. I offer this amendment dealing with trade as a backdrop to this morning's announcement of the highest trade deficit in history, a trade strategy fraught with error--and this is injuring this country. Let me describe the need for this amendment. You might recall that earlier this year it was announced that Dubai Ports World was going to begin to manage a number of ports in this country. Dubai Ports World, in February of this year, indicated that they were going to manage ports in America in New York, New Jersey, Baltimore, Philadelphia, New Orleans, Miami, and some others. Dubai Ports World is a company that is operated by the United Arab Emirates. In February of this year, the Bush administration gave the green light to Dubai Ports World, a company owned by the United Arab Emirates, to manage these American ports. The President said that he felt it was fine for our ports to be managed by a company owned by the United Arab Emirates. In fact, when a firestorm erupted over this issue, here is what the President said, brushing aside objections from Republicans and Democrats alike. President Bush endorsed the takeover of shipping operations in six major U.S. seaports by a state-owned business in the United Arab Emirates.…”