For the first time since 1994, the Democrats have control of the House and the Senate... and as we pointed out yesterday, the United States becoming fiscally responsible is at the top of their list.

We received a press release from the Democratic members of the House and the Senate titled, "Relying on the Kindness of Strangers: Foreign Purchased of U.S. Treasury Debt."

The release points out that in 1965, foreigners owned only 4.7 percent of outstanding U.S. government debt, but that last year, that figure was 42.1 percent.

"If the United States does not begin to take steps to reduce its unsustainable dependence on foreign borrowing in an orderly way, there could be a run on the dollar that could precipitate an international financial crisis and sharp increase in interest rates," continues the Economic Policy Brief.

"It will take years of sound fiscal policy to reduce our reliance on foreign lenders and return the federal debt to a prudent level. Unfortunately, the Bush administration and the Republican Congress have been unwilling to start the process of undoing the damage they have already done."

Bill Bonner is the President of Agora Publishing.  For more on Bill Bonner, visit The Daily Reckoning.