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January 27, 2010 - 7:51pm

Congressman attends auction at Bureau of Public Debt

posted by Howard B. Owens in taxes, Chris Lee.

Congressman Chris Lee attended an auction yesterday.

He wasn't there to buy an old Queen Anne sideboard. He wanted to get a firsthand look at the nation's debt getting sold to overseas concerns.

The auction was held at the Bureau of Public Debt, and it featured $10 billion of our national debt being auctioned off as four-week treasury bills.

“As our national debt has risen to a record high, I wanted to get a firsthand look at the process by which our debt is auctioned off to China and other foreign countries,” said Congressman Lee. “We need to get serious about reining in government spending and decreasing our debt. We cannot afford to be beholden these foreign counties any longer.”

Lee then met with Commissioner of the Public Debt Van Zeck.

I wonder if he asked how much it costs to administer a Bureau of Public Debt?

Full press release after the jump:

Press release:

Congressman Lee Attends Auction Of Our Nation’s Debt
Lawmaker Attends Public Auction to Witness the Result of Borrow and Spend Policies

WASHINGTON – Congressman Chris Lee (NY-26) today attended an auction at the Bureau of the Public Debt to witness exactly how our $12.3 trillion debt is being auctioned off to foreign countries and individuals. The auction featured $10 billion of our national debt being auctioned off as a 4-week Treasury bill. According to records held by the Bureau of Public Debt, Asian countries hold nearly 50 percent of our nation’s debt.
 
“As our national debt has risen to a record high, I wanted to get a firsthand look at the process by which our debt is auctioned off to China and other foreign countries,” said Congressman Lee. “We need to get serious about reining in government spending and decreasing our debt. We cannot afford to be beholden these foreign counties any longer.”
 
While at the debt auction, Congressman Lee met with Commissioner of the Public Debt Van Zeck and other officials within the Department to discuss the process and concerns he has with our record-high national debt. Purchasers of the debt participate through an online interface managed by the Bureau and the Federal Reserve Bank in New York, and the sale of $10 billion in Treasury securities was completed in mere minutes. Bureau officials commented that the frequency of auctions has risen in recent years to accommodate the need to borrow more money.
 
“The longer we continue to borrow and spend the more future generations will be forced to pay,” added Congressman Lee. “The time to reduce spending and pay down our debt is now.”

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