National debt doubles in past decade

Senator George Voinovich (R-Ohio) discusses how the national debt has skyrocketed since he took office in 1999 (0:20).

Debt, security, and oil

"If we let the world know that we're going after every drop that we can responsibly gather, and let the world know that we are going to be the least reliant country in the world on oil...we would send a ripple throughout the world," said Senator George Voinovich (R-Ohio) during a telephone conference on energy independence and national security.

"We wouldn't need to be at the mercy of other people. It wouldn't impact our foreign policy decisions as it does today."

Voinovich made the case that the combination of the country's debt and reliance on foreign oil received from hostile nations has created a security concern that neither presidential candidate has properly addressed.

"The problem that they're not talking about is that 51 percent of the debt is owned by foreign countries...70% of it is being bought by the Chinese, the Japanese, and the OPEC nations."

Voinovich likened the situation to a business whose competitors have a supply that's in demand and control of their debt. He said that under those circumstances it was doubtful it would be in business much longer.

Sen. Voinovich thinks drilling would send a message

"If we let the world know that we're going after every drop that we can responsibly gather, and let the world know that we are going to be the least reliant country in the world on oil...we would send a ripple throughout the world," said Senator Voinovich (R-OH) during a telephone conference on energy independence and national security.

"We wouldn't need to be at the mercy of other people. It wouldn't impact our foreign policy decisions as it does today."

Voinovich made the case that the combination of the country's debt and reliance on foreign oil received from hostile nations has created a security concern that neither presidential candidate has properly addressed.

"The problem that they're not talking about is that 51 percent of the debt is owned by foreign countries...70 percent of it is being bought by the Chinese, the Japanese, and the OPEC nations."

Voinovich likened the situation to a business whose competitors have a supply that's in demand and control of their debt. He said that under those circumstances it was doubtful it would be in business much longer.

Tire pumps & gas receipts: Republicans use their imaginations

"Pelosi challenged Republicans to use their imaginations. And they are," Rep. Pete Sessions (R-Texas) said at a news conference held by House Republicans to discuss their party's ongoing floor speeches. He and others continued their call for Speaker of the House Nancy Pelosi (D-Calif.) to call an emergency session of Congress to address America's high energy costs. Sessions went on to pull out a large tire pump, stating that presumptive Democratic presidential nominee Barack Obama (D-Ill.) suggested using the mechanism as a solution for America's energy problems. Sessions referred to a recent statement from Sen. Obama in which he stated that properly inflated tires and regular vehicle maintenance are important for maximizing fuel economy.

"This isn't a red problem. This isn't a blue problem. This is a red, white and blue problem," said Rep. Michael McCaul (R-Texas), after showing a photograph of a Texas woman carrying a small bag filled with gas station receipts. From his pocket, he then pulled a handful of receipts he gathered from members of his district, and vowed to send each to Speaker Pelosi's office.

Louie Gohmert (R-Texas) said that when asking American citizens, who joined him on the House floor this afternoon, who they felt was OPEC's best friend at the moment, the crowd pointed to Pelosi's chair at the head of the room.

"Madam Speaker, let our people go!"

"Let out people go," entreated Rep Joe Barton (R-Tex.) former chairman of the House Energy and Commerce Committee of Speaker of the House Nancy Pelosi (D-Calif.) Barton was speaking at a press conference on the fifth day of Republican grandstanding in the House of Representative. Barton and Republican Whip Roy Blunt (R-Mo.), who returned from his district for the event, called on the Democratic leadership to call the House back into session for debate on the American Energy Act, a bill which the Republicans call their "all of the above" energy solution. Minority leader John Boeher (R-Ohio) has called for this "revolt" to last up until the tart of the Democratic National Convention.

The members which included, Representatives Dean Heller (R-Nev.) and Steve Scalise (R-La.) pointed out statements made by Democratic members of the House calling for a vote on energy legislation, particularly to for votes on expanded drilling measures. Blunt said that the group will be sending letters to every member of the Democratic caucus asking that they return from August recess to debate and vote on energy legislation.

The Republicans will get a vote on off shore drilling sooner or later, as the Congressional ban on offshore drilling on the Outer Continental Shelf expires Sept. 30 of 2008. Blunt said that if the ban where to expire on that date "fuel prices will head back down October 1st." Blunt also said that threats of a government shutdown by opposing a continuing resolution were dependent on whether legislation to renew bans on off shore and oil shale drilling are included.

Rep. Louis Gohmert (R-Texas) called the Democratic leadership the "very best friend OPEC has in the entire world," accusing House Democrats of funding "both sides" of the war on terror by standing in the way of opening up more U.S. territory for oil exploration.