Total borrowing has imploded. Private borrowing has collapsed. And, in effect, the Treasury Department is the last borrower left standing.

[Nichols said the authors wrote the report after they left the Treasury Department last August.] This paper was not prepared at Treasury, by Treasury, or at the request of anyone at Treasury, ... It was prepared after the individuals in question went back to the private sector.

That was between Rick Hamlin, who represents La-Van, and the Treasury Department,

I have young kids. The fiscal burden that will be imposed on them is going to depend primarily on whether we tackle this looming problem in our health care system - with rising costs that don't seem, by the way, to be necessarily associated with higher quality. That is the key burden that they will face.

Well, I think what we need to remember is that budget deficits can impede economic activity.

It was a total domino effect.