James A. Baker, III, on the national debt and foreign policy

The foreign policy implications of the growing and unsustainable U.S. debt are tremendous, Baker said. "Such a state of affairs could impair the state of the U.S. dollar and its role in global currency," he said. "It will constrain the ability of our government to pursue an independent monetary and fiscal policy. More generally, our debt crisis runs the risk of undermining our leadership abroad ... our strength abroad depends on our economic health at home."