Political Quotes

“Mr. President, I thank the Senator from Texas. This is very serious business we are engaged in. The strength of his comments, the method of delivery, and the content are indicative of the serious challenges we are facing. For example, under the budget that was submitted to us, the only budget we have seen so far from the President, the interest on our debt, according to the Congressional Budget Office--that used their 10- Year budget and calculated we are paying about $214 billion in interest today on our debt--in the 10th year of President Obama's budget, as Senator Cornyn said, the interest would crowd out other things. It would be $940 billion--1 year's interest. When we borrow money, we pay interest just like individuals do when they borrow money. We are borrowing so much money that we are doubling the debt again in our country in 10 years. The interest on it will crowd out other things. For example, it would be more than Social Security, more than our Medicare, more than our Defense Department spending in that year. So I thank the Senator for sharing that. I see Senator Johnson, and I would be pleased to yield at this time. The PRESIDING OFFICER. The Senator from South Dakota.”