[Congressional Record (Bound Edition), Volume 155 (2009), Part 19]
[House]
[Page 25779]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        U.S. DOLLAR ALARM BELLS

  (Mr. LANCE asked and was given permission to address the House for 1 
minute.)
  Mr. LANCE. Mr. Speaker, for decades the U.S. dollar has been used to 
price virtually all of the world's commodities, with nearly every 
country having U.S.-backed securities in reserve; yet this could all 
change.
  There is growing evidence suggesting that foreign investors are 
losing faith in the dollar as a secure instrument. Several important 
countries like China, India, Russia, France, and the Arab States voiced 
their concern over the role of the U.S. dollar as the reserve currency 
in world trade. Many have suggested a new world currency take its 
place.
  A primary concern for those investing in the United States is the 
growing U.S. debt and staggering deficits. Yet, despite this, the 
majority party continues to push ahead with an agenda that taxes, 
spends, and borrows, including a health care proposal that could cost 
as much as $800 billion to $1 trillion over the next decade.
  How many alarm bells must be set off before Washington gets serious 
about tackling our ever-growing debt and budget deficits?

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