Sen. Hutchison Speaks Out Against the Omnibus Appropriations Bill on the Senate Floor
I think the American people deserve to know more about this bill and why there are so many objections to it
The cumulative debt of America today is $10.6 trillion. The proposed budget plan recently suggests a doubling of this debt over the long term. Twenty-five percent of the national debt that we have that we are accumulating is owned by foreigners. The Chinese government owns almost $700 million in debt, our debt
In addition to the concerns about whether the borrowers are going to buy our debt, what if they say, maybe we'll buy your debt, but the risk is too great, and we'll just have to jack up the interest rate. What is that going to do to an economy that is teetering so badly?
I don't think we can turn a blind eye to the long-term consequences of this debt burden. It is not only irresponsible, but it borders on being reckless.