Steve Kagen: “We are not the party of borrow and spend and borrow and spend. Because as you all know, the first two letters of borrow…”

“We are not the party of borrow and spend and borrow and spend. Because as you all know, the first two letters of borrow and spend are B and S. We are here this evening to talk with you about our trade policies. Indeed, our foreign trade with China has become entirely a negative number. In this brief slide, the 2006 trade deficit will show you that the United States is losing. We have lost $233 billion a year in 2006. In the first 2001 numbers, $83 billion deficit has mushroomed to $233 billion. In 2006, China ranked as the fourth largest export market for the United States and the second largest import market. They are our trading partner. We have had the American century, and now we are moving into what will become the Chinese century. But we should be ordered in the rule of law, and unfortunately for us here in the United States, we suffer because they are not following all of the laws.”