Kent Conrad: “It is very interesting to compare this statement where the President says he is going to have ``the largest debt…”

“It is very interesting to compare this statement where the President says he is going to have ``the largest debt reduction of any country, ever. Future generations shouldn't be forced to pay back money that we have borrowed,'' but here is what has actually happened. There is no debt reduction. The debt is exploding. This is just the publicly held debt. The gross debt would be even a worse picture. I have taken the debt that is the most restrained version of the debt of the United States. The President inherited $3.3 trillion in debt in 2001. Under his plan, we are headed for over $9 trillion of debt by 2015. Increasingly, this money is being borrowed from abroad.”