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Right now, a majority of the debt is owed to foreign interests, Japan being the largest purchaser of government debt today, soon to be surpassed by China as the number one purchaser of our debt in this Nation.

Massive debts owed to foreign creditors weaken our global influence and threaten high inflation and steep tax increases for our children and grandchildren.

I firmly believe that the U.S. has to honor its debt.

To finance this trade deficit, the U.S. has to borrow from the rest of the world or sell American assets like stocks, businesses, and real estate to the rest of the world.

As the United States chains itself down with greater debt, China is building relationships across the globe to bolster its trade, its access to natural resources, and its energy consumption. In far too many cases, this means lost opportunities for America and our businesses.

America's largest trade deficit is with China, a nation that enjoys Permanent Normal Trade Relations with the U.S. and ties its currency to the dollar to make it a more competitive trading partner.

I have serious concerns about whether it's prudent to give any foreign country substantial leverage over the U.S. economy. Instead of spending $80 billion on important programs here at home, we're sending this money overseas just to pay interest on our debt.

A national debt, if it is not excessive, will be to us a national blessing.

Ron Paul's crazy talk about the Federal Reserve makes more sense these days. Right now, every - all this debt issued by the United States people assume the Chinese are buying, no they don't want any more American debt. Ron Paul has a point there.

The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. America has a debt problem and a failure of leadership. Americans deserve better. I, therefore, intend to oppose the effort to increase America's debt.