Kent Conrad: “Increasingly, this debt is being held by foreign countries and foreign investors. If you think about it, during the…”

“Increasingly, this debt is being held by foreign countries and foreign investors. If you think about it, during the President's watch so far, he has increased the debt from $5.6 trillion to $7.9 trillion. That is a $2.3 trillion increase in the debt so far under his watch. I keep urging my colleagues to understand that you can't tell a book by its cover. This cover says it is deficit reduction. That is just the first chapter. You have to read all the chapters to conclude what is happening. What is happening is, as the Senator has correctly described, the first chapter is, cut a little bit of spending. The second chapter is, cut even more revenue. The third chapter is--and this is the one they really don't want people to read--increase the debt of the country by $781 billion for 1 year. That will take the total up to over $3 trillion of added debt in just the 5 years that this President has been in power. Who is holding the debt? Increasingly, it is foreigners. This President has increased foreign holdings of our debt by a trillion dollars. It took 42 Presidents 224 years to run up a trillion dollars of external debt. This President has more than doubled that amount in 4 years.”