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Expressing the Sense of the House that a Chinese State-Owned Energy Company Could Take Action that Would Threaten the United States

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Location: Washington, DC


EXPRESSING THE SENSE OF THE HOUSE THAT A CHINESE STATE-OWNED ENERGY COMPANY COULD TAKE ACTION THAT WOULD THREATEN THE UNITED STATES -- (House of Representatives - June 30, 2005)

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Mr. CAPUANO. Mr. Speaker, this is a good resolution, and I support it, and the issue is important. However, I just wanted to stand tonight to point out the fact that we are really just talking about the tail. This is not the dog; it is simply the tail. It is important. I do not want to minimize it. But the truth is we are talking a $16 billion sale most of which will go to American shareholders.

However, what we are not talking about is the elephant in the room where right now as of today, after 4 1/2 years of this administration, we currently owe China $277 billion. That is what we owe them right now. That is a 257 percent increase over 4 1/2 years ago. We are going to have a 40-minute debate tonight on this particular issue. In that 40 minutes, on average, over the last 4 1/2 years, America will have borrowed $3 million from China. By the time we are finished talking, we will owe them another $3 million. I do not want to pick on China. China is only one of the issues. It is not the only country.

In the last 4 1/2 years, 84 percent of all debt sold, all private debt sold by the United States Government has been sold to foreign governments and foreign corporations of which China is only the second largest.

To me this is an important issue. I support it. I am glad we are taking action. But more importantly, we had better wake up. We are sending too many jobs, too much money, too much economic power overseas. China is only one of them. But they are a large one. I just wanted to use this opportunity to make sure that we know this is only the beginning. It is not the end.

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