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Ron Johnson: “We're transferring debt on one balance sheet to debt of…”

Featuring: Ron Johnson, Republican | U.S. Senate, Wisconsin

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Senator Johnson on Squawkbox -- 2/23/11

Published | Video Starts at 06:22

Yes, it wouldn't be fair. So the federal government bails out the states and then the foreigners buy the treasuries. Right. So that's terrible. Yeah, that's what we're doing. We're transferring debt on one balance sheet to debt of another. We've got to solve the debt problem. We have got to stop spending beyond our means. What's going to happen when the House comes back into session. (06:22–06:26)

CLAIM

Asserts that current fiscal policies are merely transferring debt between balance sheets.

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