Basic misconceptions about economics from a senator

Discalimer: I am not a citizen of the US, so I do not vote for either party; this is just an objective observation and is not politically motivated.

Sen. Dick Durbin (D-IL) frequently complains about Americas trade deficit.
[even though the trade deficit, unlike the budget deficit, is virtually meaningless].


Interestingly, Senator Durbin appeared on CNN's "Face the Nation" a few weeks ago. There he complained about the fact that, Presidential hopeful, Mitt Romney has a Swiss bank account.

Note that the Senator sits on The Committees of: Appropriations; Foreign Relations; and Judiciary.

Question:
The Senator commits a major economic fallacy. What is the fallacy?

Give answering a shot before looking at the answer. The P1 exam in May had a related question!

Answer can be found here...