Political Quotes

Charles W. Stenholm: “Today we owe the country $7,078 billion, being swept under the rug every day. Foreign holdings of our debt now total…”

On the recordFebruary 24, 2004
Today we owe the country $7,078 billion, being swept under the rug every day. Foreign holdings of our debt now total $1.5 trillion. Foreign investors financed 70 percent of our record $373 billion debt last year. In January of 2002, foreign investors held $1 trillion of our U.S. debt; today it is $1.5 trillion. Japan holds $545 billion, and China holds $149 billion of our debt. By far, the United States' largest foreign aid program is our interest payments to foreign investors, yet we continue to not want to change our economic game plan to do something about it. The largest single debt tax increase in the history of our country is being perpetrated on us today. Mr. Speaker, $7,078 billion, that is what we owe today.
Source
govinfo.gov

Editor's note · Context

Discussing the growing U.S. national debt and foreign ownership of that debt.

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