Marshall Sanford: “I think what he is talking about in his point of order is something that ultimately watches out for the American…”

“I think what he is talking about in his point of order is something that ultimately watches out for the American taxpayer. And lest we forget, this body is designed and built for ultimately watching out for the taxpayer of the United States of America. I think that is exactly what his point of order does. I would just make this one point, and that is, I have here a rate sheet from Goldman Sachs, which is the place where Robert Rubin, our Secretary of the Treasury, used to work and used to head, and this could be found not just at Goldman Sachs, it could be found at Merrill Lynch or any of the investment banks, looking at the rates which the private markets are charging for government debt in Russia. I have here rates looking at 2001 paper yielding 32.31 percent. I would look at 2005 paper yielding 52.63 percent. I would look at 2015 paper yielding 65.43 percent. And what those high rates are basically saying is that the marketplace out there asks for a risk premium, in this case a very substantial risk premium, because the private markets think that they ultimately might not get paid back. So what this point of order is simply doing is saying since we might not get paid back, we ought to watch out for the taxpayer rather than just handing out the IMF money.”