Political Quotes

“We are in a very serious situation now. We're what, 11 days away from perhaps, the first time in the history of this country, not paying our bills. And it's extraordinarily damaging what that will do to our economy. I mean, interest rates will go up. If we have a 1 percent increase in our debt service, that's going to mean $140 billion more in taxpayer expense to service the debt. And I don't care whether you have a Nancy Pelosi point of view that we could use that money better on infrastructure or an Eric Cantor point of view that you could use that for tax cuts, that's money out the door. That is squandered money. And the damage to the economy and to this asset, the AAA rating, is enormous, and that ripples through the economy and starts hurting people, individuals. If you have a mortgage, your mortgage rates can go up on an adjusted rate loan. If you want to buy a car, you have to borrow some money, your rates are going to go up. If you have put aside money for your kids to go to college, which is, as we all know, incredibly expensive, the markets are going to create an immense amount of turmoil, and the likelihood is you'll take a real hit on that. {time} 1730 If your retirement savings, if you're about to retire and you've been saving all your life, that can get whacked. This is reckless and irresponsible. We have to pay our bills.…”