John Cornyn: “I agree with the Senator from Kentucky who says this is not a partisan issue. As a matter of fact, back in 1997 a lot of…”

“I agree with the Senator from Kentucky who says this is not a partisan issue. As a matter of fact, back in 1997 a lot of our Democratic colleagues joined Republicans to vote in favor of a balanced budget amendment. If there is an issue that threatens not only the economy but also our national security today more than the national debt, I don't know what it is. The Chairman of the Joint Chiefs of Staff, Admiral Mullen, said the single largest threat to our national security is the debt. Secretary of State Hillary Clinton said the debt sends a message of weakness internationally. I was just over at the Heritage Foundation giving a speech. They are studying the role of China in the world, the rise of China, but particularly what I was concerned about, and the subject of my remarks, was the fact that the Treasury Department estimates that $1.1 trillion of U.S. debt is held by the Communist Chinese Government. That is one- third of all our outstanding debt. We know that at least on one occasion, a retired Chinese general said that if we didn't do what China wanted, they would then threaten to disrupt our economy by selling off the debt they own. So my colleagues may care to comment. Larry Lindsey, the renowned economist, wrote an article recently where we cited three things that worry him the most about high unemployment and the lassitude of the private sector.…”