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Roger Williams to Treasury Secretary: The economy is not a ‘well-oiled machine'

March 17, 2015

WASHINGTON, D.C. – Congressman Roger Williams (R-Texas), a business owner of more than 40 years and a member of the House Financial Services Committee, today questioned U.S. Secretary of the Treasury Jack Lew who testified before the committee on the state of the U.S. economy.

"You said the U.S. economy looks like a ‘well-oiled machine' when compared to foreign markets, but I would just say an $18 trillion debt is not a well oil machine and that statement bothers me," said Williams. "The long term outlook, I believe, for the U.S. economy is not that great, it could be considered bleak."

Williams asked about the Treasury's practice of reissuing securities to make principle payments on securities coming due.

"How is that any different from taking out cash advances on one credit card to pay for another credit card?"

Click on the image below to watch Williams in committee:

Issues:Economy