[Congressional Record Volume 157, Number 67 (Monday, May 16, 2011)]
[Senate]
[Pages S2976-S2977]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                THE DEBT

  Mr. BOOZMAN. Mr. President, when word spread that American forces

[[Page S2977]]

found and killed Osama bin Laden, Americans gathered at Ground Zero, in 
New York's Times Square and in front of the White House to celebrate 
the news. For more than a decade bin Laden had been on the FBI's top 
ten most wanted list, and the announcement that our military conducted 
the successful operation in Pakistan filled us with national pride.
  After nearly 3,000 Americans died in the September 11 attacks, bin 
Laden, the plot's mastermind, was named public enemy No. 1. The years 
following that tragic day, he eluded capture. Justice finally caught up 
with him, as a result of years of hard work and dedication from the 
brave men and women in our military and intelligence community. The 
death of Osama bin Laden allows us to close this chapter of the global 
war on terror, but it does not mean the end of the threat from al-Qaida 
or other like-minded organizations. We must remain vigilant, both at 
home and abroad, in the fight against terrorism.
  The fact is, terrorism is not the only major threat to our 
sovereignty. There is one that lurks much closer to home, born and bred 
right here in this town. I am speaking about Washington's addiction to 
spending.
  In testimony before Congress, Joint Chiefs of Staff Admiral Mike 
Mullen said the greatest threat to our sovereignty is not Iran; not al-
Qaida; not radical Islam--it is our national debt. Most people don't 
think of spending in terms of a threat to our sovereignty; and those 
who do are rarely so blunt. But Admiral Mullen is right. We simply 
cannot continue to operate at this pace.
  This year alone, the Federal Government will spend $3.7 trillion 
while only collecting $2.2 trillion. Does this sound like responsible 
budgeting to anyone? The average American family does not have this 
luxury. If you or I tried to run our household this way, the bank would 
eventually cut us off. It is time we apply that lesson to Washington. 
It is time we cut off the government.

  This is long overdue. Our national debt stands at a jaw-dropping 
$14.3 trillion. Foreign holdings account for almost half of these 
obligations, and much of that is owed to countries that are not always 
friendly to us. This is the very reason Admiral Mullen sounded the 
alarm on how big of a security threat our debt has become. Being 
indebted to countries with ideals, value systems and agendas that are 
often at odds with ours puts us in a very precarious position.
  For example, China owns $1.2 trillion of our debt. The Chinese 
Government contends that it won't use this liability for political 
advantage, but the government also claims there are no human rights 
violations in that country. Clearly, the Chinese Government's word is 
not a promise we should bank on.
  Along with the Chinese, a portion of the list of foreign creditors 
reads like a ``who's who'' of dictatorial regimes. Iran, Venezuela, 
Libya make up the rouges gallery of nations that owns some of our debt. 
These dictatorships, along with other oil exporting nations such as 
Saudi Arabia--whose role in spreading radical Islam is well 
documented--come in at No. 4 on the list of foreign creditors. We are 
currently engaged in an operation with our NATO allies against 
Qadhafi's regime, yet rely on it in part, no matter how small, to keep 
our government operational.
  This is the problem with our reckless spending. We cannot put 
ourselves at the mercy of foreign governments. It is irresponsible and 
dangerous. We must act now to get our spending under control and pay 
down our debt.
  We cannot run a country on a Visa card; nor can we keep kicking the 
can down the road for future generations to address. Our debt is a 
national security problem, and this one our brave men and women in 
uniform cannot save us from. It is up to us to make the tough decisions 
to get our economic house in order and the time is now to act.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The assistant legislative clerk proceeded to call the roll.
  Mr. LEVIN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.

                          ____________________