Kent Conrad: “I rise to wish Senator Jon Corzine the very best as he goes from service in this body to become the next Governor of the…”

“I rise to wish Senator Jon Corzine the very best as he goes from service in this body to become the next Governor of the State of New Jersey. I have had the privilege of serving with Senator Corzine on the Budget Committee. He has been a valued member of that committee. He has made an extraordinary contribution there, always thoughtful and well informed. Senator Corzine is deeply respected by colleagues on both sides. It is fair to say that no one on the Senate Budget Committee and no one in this Chamber has a better understanding of financial markets or economic issues than Senator Jon Corzine. On the Budget Committee, Senator Corzine has warned repeatedly of the risks of exploding deficits and debt. As someone who has been extraordinarily successful in the private sector, and as someone who has displayed in the real world a profound understanding of what moves markets, Senator Corzine words have weight, especially when he says to the members on the committee and here on the Senate floor that we are running unacceptable risks as we run up the deficit and debt of the United States. Senator Corzine has time after time alerted us to the risks to the economy of higher interest rates as a result of burgeoning deficits and debt. Senator Corzine has told this body and told the country that it is unsustainable to double the foreign holdings of our debt in 5 years.…”