Sean Patrick Maloney: “this Bush administration keeps setting records, only they are the wrong kinds of records. We have a record debt of over…”

“this Bush administration keeps setting records, only they are the wrong kinds of records. We have a record debt of over $7 trillion that breaks down to each citizen's share being over $26,000. And now they have a new record, a new record debt on our trade deficit. It set a new record of $195 billion in the first 3 months of this year. That is 6.4 percent of GDP on an annual basis, the largest such trade deficit ever in our history. This deficit has been created by the irresponsible trade policies of the Bush administration, and it is also being supported by the willingness at least so far of foreign investors and governments to keep extending us credit. The administration cannot continue to ignore this problem. Even if we avoid a sudden flight from the dollar and an international financial collapse, the burden of paying off our mounting international debt will be a drag on our future standard of living. It will be a drag on the lives of our children and grandchildren. We need a new trade policy. ____________________”