Massive debts owed to foreign creditors weaken our global influence and threaten high inflation and steep tax increases for our children and grandchildren.
Sentiment: NEGATIVE
I think what's important to understand is if the United States hits the debt ceiling and is unable to pay its debts, the consequences will be immediate and dramatic.
And the trajectory that our debt is taking now beyond $14 trillion is going to have an impact on our currency. It goes south, and our currency's going to have an impact on our standard of living and affect every family in this country, and over time, our international competitiveness.
Plus, 40% of our debt is owned by foreign interest. I can't support a plan that passes along cost burden to our children and makes us more reliant on foreign dollars.
The problem is that the U.S. government is the biggest debtor in the world, and those depending on it to take care of them will only become poorer.
This accumulated debt at all levels of our society poses an immediate existential threat to America. Now unlike the manufactured crises of global warming and healthcare, this is a true crisis. This crisis threatens the very sovereignty of our country.
The amount of U.S. debt held by countries such as China and Japan is at a historic high, with foreign investors holding half of America's publicly held debt. This dependence raises the specter that other nations will be able to influence our policies in ways antithetical to American interests.
A national debt, if it is not excessive, will be to us a national blessing.
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.
I think at the end of the day we have to raise the debt ceiling, because America pays its bills.
Yes, it is long past time we get serious about tackling the nation's ever-growing deficits. But the average American family drawn into serious debt cannot just threaten to stiff its creditors. It must cut its spending in the future, but also take responsibility for the debt incurred in the past.
No opposing quotes found.