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Congressman Tom McClintock

Representing the 4th District of California

Where Do We Borrow It From?

February 3, 2009

M. Speaker:

 When we speak of running up a $2 trillion debt to pay for this year of unprecedented spending, where does that money come from?

 We don’t have it, and so we borrow it.

Where do we borrow it from?  We will borrow that $2 trillion from the same pool of funds that would otherwise have been available for businesses seeking to add jobs, or homebuyers seeking to buy homes or consumers seeking to buy new cars or appliances. 

 But now that money won’t be there for consumers or homebuyers or employers to borrow to expand the economy, because government has borrowed it instead to expand such government programs as the National Endowment for the Arts.

 M. Speaker, when are we going to stop hurting the economy and start helping it?