David Obey: “I do not know quite where to start in correcting the misstatements that have been made on the floor, but let me simply…”

“I do not know quite where to start in correcting the misstatements that have been made on the floor, but let me simply correct one of them in the limited time. One of the speakers suggested that Exim loans are going to be taxed by the Soviet Government. The Eximbank heard that statement on television and just called me and assured me that most definitely was not the case. The gentleman quoted the article correctly. The fact is that article is wrong. In response to the gentleman from Alabama, who is concerned about the money we have to borrow, let me ask this: How much money are we going to have to borrow if Mr. Zhirinovsky and his friends win the power struggle in the Soviet Union and we have to start spending $30 billion, $40 billion, $50 billion or more a year in our defense budget? The answer is we will have to borrow all of it. That is the answer. This reminds me of World War I. After World War I, Germany was in a state of collapse. The Weimar Republic was in a state of economic turmoil. The West sat idly by. A fellow by the name of Hitler came to power. The result? 'Only' 50 million people died worldwide. 'Only' about 500,000 Americans died, because we let a critical situation get out of hand.”