Senate Proceeding on Apr 13th, 2011 :: 6:42:55 to 6:43:49
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6:42:55 to 6:43:15( Edit History Discussion )

Bob Corker: no economic model can tell us what the economy would look like into the future because by then those models essentially fall apart. over time the accumulation of debt increases, the cost of debt service consuming of course a greater share of revenues, limiting resources for other priorities and unseen emergencies such as a natural

6:42:55 to 6:43:49( Edit History Discussion )
Speech By: Bob Corker

6:43:16 to 6:43:38( Edit History Discussion )

Bob Corker: disaster or war. as time progresses, the fiscal crisis result tpr-g high indebtedness could occur rapidly as investors lose confidence in u.s. treasuries. absent policy changes that are meaningful and immediate, the u.s. is going to have to pay higher yields on its own debt to roll over existing debt and avoid default.

6:43:39 to 6:43:50( Edit History Discussion )

Bob Corker: we're going to have to pay higher interest rates to attract investors to our country. in addition to largely wasted interest debt to the country, higher interest rates would be devastating for american families.