Feb 8, 2006- America's Record Trade Deficits
HON. MARCY KAPTUR
 OF OHIO
IN THE HOUSE OF REPRESENTATIVES
WEDNESDAY, FEBRUARYÂ 8, 2006
Clickhere to view Rep. Kaptur's floor statement
watch video
Ms. KAPTUR. Mr. Speaker, red ink, record budgetdeficits mount every year. On top of it, America has also been racking uprecord trade deficits this year, more imports than exports every single day.These twin deficits are stifling real economic growth for our country as wesink deeper and deeper into debt.
Every year, with all the unfair trade agreements that havebeen signed, the red ink just keeps getting deeper. We are hemorrhaging America's goodjobs, with fewer people working at good jobs to create real wealth. It is nosurprise we have fewer resources to pay off our debts.
At the same time, the United States becomes more and morebeholding to foreign interests that are financing these deficits. We are notonly giving them our money, we are giving them our future and paying themhundreds of billions a year in interest. Is it any surprise that retailing offoreign goods is now America'sbiggest business?
Federal Reserve's former chairman Alan Greenspan warnedthat this relentless deficit growth cannot persist. How long will it be beforewe put a foreclosure sign on our U.S. Department of the Treasury? What anembarrassment for a Nation founded in independence.