Democratic senator Tom Harkin insisted this morning that America does not have a spending problem and that we're not broke:
"Thank you, Madam Chair. I think, first of all, I want to disagree with those who say we have a spending problem," said Harkin. "Everyone keeps saying we have a spending problem. And when they talk about that, it’s like there’s an assumption that somehow we as a nation are broke. We can't afford these things any longer. We’re too broke to invest in education and housing and things like that. Well look at it this way, we’re the richest nation in the history of the world. We are now the richest nation in the world. We have the highest per capita income of any major nation. That kind of begs the question, doesn’t it? If we’re so rich, why are we so broke? Is it a spending problem? No."