Byron Dorgan: “that probably isn't good news to some, but that is the way it is. I want to talk about the Oman Free Trade Agreement. It…”

“that probably isn't good news to some, but that is the way it is. I want to talk about the Oman Free Trade Agreement. It is unbelievable to me that in a week in which there was an announcement, on Thursday morning, that the trade deficit for 1 month has now reached $68 billion--a $68 billion 1-month trade deficit--in that week we bring to the floor of the U.S. Senate the Oman Free Trade Agreement. We must have a bowling alley in our brain or something. The Oman Free Trade Agreement. What on Earth can be rattling around in the collective brains of public servants? Well, maybe I should modify that. Maybe I shouldn't be quite so harsh. Look, we are up to our necks. We are choking as a country on trade deficits. Last year it was over $700 billion a year; $2 billion a day every single day. We don't owe that to ourselves, as you can make the case with respect to the budget deficits. We owe that to other countries, and we are going to have to repay it. Over one-half is owed to the Chinese and the Japanese. Yet, interestingly enough, when it is announced this week that we have a $68 billion monthly trade deficit, the highest in history, this Congress snored right through it, just yawned right on through it, snored through it. So did the White House. Did you hear anybody talk about it? No. I came to speak about it briefly, but the fact is, it doesn't matter. Be happy. It is OK. It will be better tomorrow. In fact, let's do more of the same.…”