Byron Dorgan: “I would like to, on another subject, speak for just a moment about the area of international trade. Yesterday, the…”

“I would like to, on another subject, speak for just a moment about the area of international trade. Yesterday, the Senate approved an increase in the debt ceiling by $800 billion. That is the fiscal policy debt, that is the amount of money that is spent over that which is collected in revenues. That means our kids and grandkids assume this responsibility. It is Federal debt. The budget deficit is the highest in history. This is a completely, thoroughly irresponsible fiscal policy. There is no question about it. Oh, I know people say we have had economic slowdowns or recessions or wars or terrorism and this and that and the other thing. Look, we have had that for a century. But we have never had the size of the deficits we have now had in times like this. As far as I know, we have never before decided to fight a war with borrowed money and ask generations that come after us to pay for it. But I want to talk about another debt that is growing, and it is larger than the fiscal policy indebtedness that we have. And that is the foreign debt, which arises from trade deficits. This chart goes back to 1998. I could go further. It shows that we have the largest trade deficits in history, by far. Last month, it was $54.1 billion, the third highest in history. You can see where it is going. It is growing and growing and growing. Last month alone, the trade deficit with China--just one country--was $15 billion. Now, nobody talks about this. Nobody seems to give a rip.”