Bob Latta: “Again, I think we would have heard it if something like that would have happened. But at this stage of the game, the…”

“Again, I think we would have heard it if something like that would have happened. But at this stage of the game, the Federal Government has a trump card some people think, and that we control the printing presses for putting out money. The big problem is we watch dollars being put out, but at the same time the United States Treasury is out there at an auction, and at that auction you have the Federal Reserve buying it, and all of a sudden we are monetizing our debt. We are moving one IOU from one pocket to the other. We are not accomplishing anything. We are not cutting anything. And we watch expenses keep rolling up. The American people understand that what we do at home when we sit around our kitchen tables and you get out the family budget and say these are the things that we are going to have to pay for. It is the question of wants and needs. There is a big difference between what I want and what I absolutely need. I think the Federal Government has got to go to what is needed, and we are going to have to start scaling back immediately. I am sure you have students and constituents who come here. When I had a group of students here today on the Capitol steps, and I look at these kids, juniors or seniors in high school, I look at what their future is for the next 10 years, and I don't care if it is $20.3 trillion in debt or $26 trillion in debt, according to the Treasury, we are in trouble.”