Political Quotes

“I want to speak about the looming debt crisis, the fact that within 30 days, there is a real and substantial likelihood that America will do something that America has never done; and that is fail to pay its bills in full and on time. There is a lot of discussion about the debt. It is $31 trillion. There is very little discussion about what that debt is, who owns that debt, and what the implications are to all of us--the people we represent, our State and local governments, our private institutions, and our economy--if, in fact, we do the unthinkable and default on the debt. Of that $31 trillion debt, $8 trillion is held by governmental entities; that includes the Federal Reserve, two Social Security trust funds, the Medicare insurance trust, and the U.S. military retirement plan. Anything we do to jeopardize the value of those Treasury bills-- where 100 cents is what they are worth on the dollar--compromises the security that Americans depend on from those trust funds. The $24 trillion in treasuries held by the public includes $3 trillion held by individuals, by households, by for-profit and not-for- profit entities, and by endowments. If we jeopardize that $1 for $1 risk-free asset, it means those individuals who own the Treasury bond as part of their portfolio lose value. And $2.8 trillion is held by money market mutual funds. Every one of our constituents knows what those are. Most of our constituents have money deposited in a money market account.…”