[Congressional Record Volume 151, Number 88 (Tuesday, June 28, 2005)]
[House]
[Page H5260]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       WE NEED A NEW TRADE POLICY

  (Mrs. MALONEY asked and was given permission to address the House for 
1 minute.)
  Mrs. MALONEY. Madam Speaker, this Bush administration keeps setting 
records, only they are the wrong kinds of records.
  We have a record debt of over $7 trillion that breaks down to each 
citizen's share being over $26,000. And now they have a new record, a 
new record debt on our trade deficit. It set a new record of $195 
billion in the first 3 months of this year. That is 6.4 percent of GDP 
on an annual basis, the largest such trade deficit ever in our history. 
This deficit has been created by the irresponsible trade policies of 
the Bush administration, and it is also being supported by the 
willingness at least so far of foreign investors and governments to 
keep extending us credit.
  The administration cannot continue to ignore this problem. Even if we 
avoid a sudden flight from the dollar and an international financial 
collapse, the burden of paying off our mounting international debt will 
be a drag on our future standard of living. It will be a drag on the 
lives of our children and grandchildren. We need a new trade policy.

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