Jackson: On the show today our favorite Washington conservative warrior, Senator Jim DeMint is back. We’ll discuss the fallout from the debt ceiling deal, the danger of Congress’ new Super Committee, and his new book, The Great American Awakening: Two Years that Changed America, Washington, and Me. I’m your host Brad Jackson and you’re listening to the August 4, 2011 edition of Coffee and Markets.
Senator, thanks so much for joining us on the show today. It’s great to have you here.
DeMint: Well, it’s good to be back. Thanks for having me.
Jackson: Obviously the last couple of weeks in D.C. have been quite a rollercoaster with the debt negotiations. How do you think it ended up? I know this isn’t the plan that you preferred and not one that I think a lot of conservatives preferred, but how do you think this deal ended up going for folks?
DeMint: Well, I think everyone is glad just to have it over with. But I felt that this was a point where we really needed to begin to solve the problem. The problem is our debt not just our debt limit. And we’re on a course now to borrow another $10 to $15 trillion over the next 10 years, and no one is going to lend us that amount of money, and this deal unfortunately doesn’t really cut any spending, based on where we are today. Now when they say it cuts spending, what they mean is it reduces the levels of increases that are planned. It certainly doesn’t reduce any debt. We’ll continue to add about $1 trillion a year to our debt. So, I’m very concerned because I don’t think America can borrow $10 trillion or $5 trillion, and I think even the $2.4 trillion that we’re talking about borrowing before the next election could put us in trouble.
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