When we borrow money, we promise to pay it back and we pay it back -- no matter what.

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And by the way, when we borrow all that money, we have to pay interest on that -- to other countries and other investors.

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In contrast, when we borrow money, we can deduct those interest payments from our taxable income and the debt holder will be taxed just once at 35%.

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We argue that we cannot go on as we are: that when you're already borrowing so much it is quite wrong to deliberately borrow even more.

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