Lloyd Bentsen: “There is no question. Two things. Number one, if we were not paying this interest and we were paying down the debt…”

“There is no question. Two things. Number one, if we were not paying this interest and we were paying down the debt, number one, we could fund a program like a universal prescription drug program for senior citizens who are crying out for it. We could put more money in education like the President says that he wants to do. We could fund the defense build-up that many feel is necessary. But the second thing that is terribly important, and the gentleman raises this point, the United States runs a very high current account deficit based upon cash flows which we can afford because of the strength of our economy, although it is fairly flat right now. If we run a high fiscal deficit as well at the time that we have to start selling even more debt into the future, we run the chance of driving down our currency and driving down the value in the American economy that we will pay for for many years. We see this in countries like Argentina and others. It should not happen in the United States. So I thank the gentleman for the question.”