Speaker: Byron Dorgan, NoDak Tax Commissioner. Explains national debt and where the money comes from. Is debt taxpayers owe to themselves. To reduce debt would have to tax average worker and give that money to someone else. We have both recession and inflation. Economic policy not good for people, we can have deficit spending when time is right, has become a way of life rather than economic stimulus tool. New York City almost going bankrupt in next six weeks, could that happen to federal govt? No, fed can print money. People's confidence in money shaken. N Dak has state budget surplus, not affected much by recession. New York gave in to special interests, not paying for services. Term limits would halt Congress longtermers' funding wasteful programs. Environmental concerns will cost money, there's a changing value and ethic, no longer consider pollution as progress, penalize polluters, pass cost on to consumers. People pay costs of pollution one way or another.