[Congressional Record (Bound Edition), Volume 155 (2009), Part 11]
[House]
[Pages 14569-14570]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        CHINA AND AMERICA'S DEBT

  (Mr. PITTS asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. PITTS. Mr. Speaker, during a speech last week at Beijing 
University in China, U.S. Treasury Secretary Timothy Geithner was 
laughed at when he attempted to assure students that the Chinese 
government could continue to safely invest in American debt. The 
largest holder of our national debt is now openly laughing at our 
financial situation. At the same time, Federal Reserve Chairman Ben 
Bernanke was here on Capitol Hill calling for fiscal restraint. Every 
dollar spent by the government is taken from the people in

[[Page 14570]]

taxes or borrowed against future generations.
  Our Nation's fiscal responsibility is so lacking that a developing 
nation snickers at the mention of sound investment in our debt. 
Traveling the world, begging creditor nations to allow us to continue 
our spending binge is not the kind of international engagement we need. 
Our economy will turn around because of the ingenuity of the American 
people, not because of out-of-control, irresponsible government 
spending and borrowing.

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