East Arizona News

U.S. Representative David Schweikert (AZ-01) delivered a speech on the House Floor, emphasizing the urgency of addressing the nation's debt crisis. In his remarks, Rep. Schweikert highlighted the fact that every dime that Members of Congress vote on is now borrowed money, with spending on interest projected to exceed $1 trillion in Fiscal Year 2024, making it the second largest expense in the government.

Rep. Schweikert urged his colleagues to confront the truth about the country's fiscal challenges rather than ignoring them. He stated, "The math will win. The math is the truth." He emphasized the scale of the problem, explaining that simply taxing the rich more or cutting foreign aid and waste and fraud would not be enough to solve the crisis. He said, "Now we’re borrowing $6.5 billion a day."

One of the key issues Rep. Schweikert highlighted in his speech was the growth of interest spending. He pointed out that interest payments will exceed $1 trillion this year, surpassing defense spending. He emphasized that interest and Medicare are the primary drivers of future spending, with defense now ranking fourth in expenditure. Rep. Schweikert expressed his concern about the lack of attention given to this growing problem and questioned why it is not a top priority for policymakers.

In addition to addressing the debt crisis, Rep. Schweikert discussed the need for disruption in order to unleash GDP growth. He argued that both tax hikes and spending cuts are insufficient on their own to address the issue. He stressed the importance of policy changes that disrupt the cost of healthcare, regulation, and other areas, which would lead to lower government costs and potentially earn the trust of bond markets.

Rep. Schweikert concluded his speech by urging his fellow members of Congress to confront the reality and tell the truth about the math. He emphasized that policy-making requires tough decisions and a willingness to say no to certain interests. He said, "There is a path where this can work. You just need members of Congress to deal with the reality. Tell the truth about the math."

Rep. Schweikert's speech serves as a reminder of the moral obligation that Congress has to address the nation's debt crisis. As interest payments continue to rise, it is crucial for policymakers to confront the reality of the situation and take decisive action to ensure a sustainable future for the country.

For additional details, please follow this link: https://schweikert.house.gov/2023/11/30/schweikert-congress-has-a-moral-obligation-to-solve-nations-debt-crisis/