[Congressional Record Volume 155, Number 100 (Tuesday, July 7, 2009)]
[House]
[Page H7727]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           THE NATIONAL DEBT

  (Mr. PAULSEN asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. PAULSEN. Madam Speaker, I rise today to call attention to a 
dangerous precedent that was set recently and another record that will 
be set this week.
  Two weeks ago the Treasury Department auctioned off a record $104 
billion worth of U.S. debt in just one week. This week it is going to 
set the record for the number of auctions held in a given week.
  More debt means a weaker dollar and rising interest rates, which will 
further stifle the housing market, hinder an economic recovery, and 
shackle future generations with debt. In fact, our debt has reached a 
level so high that the Federal Reserve has resorted to printing money 
to buy U.S. Treasurys, a practice that is both dangerous and 
counterproductive in the long term.
  It's time for Congress to rein in reckless spending that's been the 
status quo here in Washington. Without drastic changes, our debt will 
continue to rise, and our children and grandchildren will pay the 
price.

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