Patrick Leahy: “I ask us to think back to 1804 when Thomas Jefferson financed the Louisiana Purchase. He spent, I believe, $15 million…”

“I ask us to think back to 1804 when Thomas Jefferson financed the Louisiana Purchase. He spent, I believe, $15 million at that time, which he had to borrow. Put that $15 million, I say to my friend from New Jersey, in today's dollars and it would amount to $225 billion. He had to borrow the equivalent of $225 billion in 1 year for that transaction. We have not had a deficit as high as $225 billion, I do not think since the last deficit during the Bush administration. In fact, $225 billion exceeds all annual Federal deficits except for those in the last 2 years of the Bush administration. I think that we ought to commend Senator Torricelli for the constructive way in which he has acted in this debate. I agree with what the preeminent historian of the Senate, the Senator from West Virginia, said when he spoke of the debates of Clay and others. I also agree that this amendment and this debate shows a great deal of thought from the Senator from New Jersey. He was thoughtful and serious during our committee proceedings and debate, as well. He has consistently shown that he has thought hard about and wrestled with this matter. I hope everyone, whether they are for or against his amendment, will listen to his speech. Whether they are for or against this constitutional amendment, I hope everyone will seriously consider the amendment offered by the Senator from New Jersey.”