Senate Proceeding 01-08-09 on Jan 8th, 2009 :: 0:59:15 to 1:03:45
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0:59:07 to 0:59:28( Edit History Discussion )

Kent Conrad: add to the debt even higher, .6 trillion ll be added to the debt of the country, and again that is before any cost of an economic recovery plan. if one factors in an economic recovery plan, we could be looking at an increase to the debt of trillion this year alone.

0:59:15 to 1:03:45( Edit History Discussion )
Speech By: Kent Conrad

0:59:29 to 0:59:49( Edit History Discussion )

Kent Conrad: to put that in context, we have a debt, a gross debt of the united states, of 0.6 trillion roughly today. so i think it is imperative that while we put together an economic recovery plan which we must, that we also are cognizant

0:59:50 to 1:00:10( Edit History Discussion )

Kent Conrad: of the very serious long-term fiscal condition we face as nation. there is a front-page story in "the new york times" today indicating that the chinese, who are now the biggest financiers of our debt, have a reduced appetite for american doar-denominated debt, because they have their own economic

1:00:11 to 1:00:33( Edit History Discussion )

Kent Conrad: issues, their own need for the use of capital at home. this could have enormous consequences for us going forward in terms of interest rates and attract for this economic boat. one final point. last year, of the new debt

1:00:34 to 1:00:55( Edit History Discussion )

Kent Conrad: financing for this country, 68% of it came from abroad. 68% of our new debt financing came from and so, the fact that the chinese, who have been the most significant contributors to financing that debt are expressing a reluctance to take

1:00:56 to 1:01:17( Edit History Discussion )

Kent Conrad: on more of our debt, do more of our debt financing, should send a warning signal to all of us as we fashion a long-term fiscal and economic policy. i thank the chair and yield the floor. the presiding officer: thank you. under the previous order -- the senator from rhode island.

1:01:18 to 1:01:38( Edit History Discussion )

Kent Conrad: mr. whitehouse: i might ask if i might ask through the chair a question with respect to the 0 trillion that the country is now carrying. at the time that the current administration that is now leaving office came eight years ago, my understanding is that the

1:01:39 to 1:02:01( Edit History Discussion )

Kent Conrad: situation of america was rather different. it's my understanding that at that time we were looking tually at surpluses in our country, and that the 0 trillion deficit is very largely the responsibility of the policies that have been followed over the past mr. conrad: the senator is exactly right. the debt of the country at the beginning of the last

1:02:02 to 1:02:23( Edit History Discussion )

Kent Conrad: administration was about trillion. they've more than -- well, approximately doubled the debt of the country on their dramatically more than doubled foreign holdings of u.s. debt. so the current administration, the outgoing administration, has left the incoming administration

1:02:24 to 1:02:44( Edit History Discussion )

Kent Conrad: in a very, very deep hole. not to mention difficulties and the extreme need for an economic recovery plan to give lift to this economy. mr. whitehouse: so through the good times, when we could have been laying money aside, so that when this came we would be in a strong economic condition,

1:02:45 to 1:03:05( Edit History Discussion )

Kent Conrad: instead by squandering all those years, we've put the incoming administration in a very challenging position? mr. and not only the incoming administration. the whole country, because our ability to cope with an economic downturn, the flexibility is substantially limited by what

1:03:06 to 1:03:30( Edit History Discussion )

Kent Conrad: has already been done to dramatically increase theebt, as the senator described, in good economic times. and, unfortunately, that's the reality that we now confront. and today's news by congressional budget office of not only a .2 trillion deficit this year, but massive soviets

1:03:31 to 1:03:46( Edit History Discussion )

Kent Conrad: as far as the eye can see -- massive deficits as far as the eye can see. mr. whitehouse: with senator for engaging in this colloquy with me. mr. conrad: i thank him a look forward to working with him