Political Quotes

“Mr. Chairman, I'm happy to hear my friends across the aisle talk about investing in our future and investing in our economy. But when they talk about that, I think we have to be clear that that's code for borrowing and spending more money. We should truly talk about the cost of this debt. We all know today that we owe $17 trillion in debt, and if the Federal Reserve stopped printing money, the actual cost to service this debt, to pay the interest payments would be about $500 billion. You go out 10 years and our debt is going to be $25 trillion. And minimally to service our interest payments on that debt 10 years from now, it's going to cost us $750 billion a year, or $7.5 trillion over 10 years. If you talk about the cost of interest payments every year to service the debt, that's $750 billion that isn't going into education, it's not going into health care, it's not going into roads or schools or helping our poor. It's $750 billion that goes to interest payments. When you talk about investing in our future, we're not doing that. We are mortgaging our children's future. But let's be clear. There is someone who is investing in their future--it's the Chinese. They're investing in their future by buying American debt. So when my little girls, my little 2-year-old Mari Vi and my 4-year-old Paloma, when they get to be our age, they're going to have this weight of interest and debt around their neck and they're going to pay those payments back to those Chinese preschoolers.…”