East Arizona News

U.S. Representative David Schweikert addressed the House Floor, highlighting concerns about the nation's economic performance and debt levels. Schweikert pointed out the disparity between the Bureau of Economic Analysis' estimate of 1.6% real GDP growth in the first quarter of 2024 and the Atlanta Fed's projection of 2.7%. He underscored the implications of high debt levels on interest rates, cautioning against unsettling the bond markets.

Discussing the United States' debt situation, Schweikert noted, "The United States right now pays higher interest rates on a 10-year Treasury bond than Greece. We pay higher than the United Kingdom, Canada, South Korea, and other industrialized countries." He emphasized the need to address factors such as inflation, governance, demographics, and debt management to improve the country's financial standing.

Schweikert also advocated for the use of artificial intelligence (AI) to enhance government operations, particularly in auditing processes. He highlighted his AUDIT Act, which aims to leverage AI technology to audit the Pentagon effectively. By utilizing AI for auditing and fraud detection, Schweikert believes that the government can streamline operations, reduce inefficiencies, and ensure fiscal responsibility.

In his speech, Schweikert emphasized the importance of embracing disruptive technologies to drive economic stability and curb the growth of national debt. He argued, "I will argue disruption and adopting the technology is the only path I can mathematically come up with to stabilize the debt." Schweikert believes that leveraging AI and technology innovation can lead to more efficient government practices, ultimately helping to balance the nation's economic growth with its debt obligations.

As the nation grapples with economic challenges and mounting debt, Schweikert's call to harness AI for financial management and auditing processes reflects a proactive approach towards addressing fiscal concerns and promoting sustainable economic growth.