Statements on Introduced Bills and Joint Resolution
Floor Speech
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Mr. SCOTT of Florida. Mr. President, currently, America's debt is barreling toward $30 trillion. This $30 trillion is hard to imagine. So think about it this way: That is more than $233,000 of debt for every American family.
On July 31, the suspension on the Federal debt limit expired, and now the Democrats in Congress, who continue to pursue a purely partisan, reckless tax-and-spending spree, are pushing this as a decision point with only two options: to vote to suspend the debt limit or increase it with no reforms to control excess Federal spending. They want us to write the government a blank check to spend more money that we don't have. The Republicans have been clear: We will not do it.
Now, my Democratic colleagues will say that the debt ceiling shouldn't be a partisan issue, and I completely agree, but what we have seen from the Democrats this year has been purely partisan even by Washington's broken standards.
First, they passed a nearly $2 trillion so-called COVID bill that spent less than 10 percent of its funding on actually fighting COVID, without any Republican votes, and now they are pushing forward a $5.5 trillion reckless tax-and-spending spree--again, without a single Republican vote. This insane Democratic spending means we are on the dangerous path of reaching $45 trillion in Federal debt by 2031. That is not my number. That is what the Democrats' own bill says. The Democrats' own projections have their reckless spending taking the U.S. debt to $45 trillion in the next 10 years.
There are major consequences to this financial irresponsibility. Like any borrower, the Federal Government pays interest on its debt. When you rack up nearly $30 trillion in debt, that means hundreds of billions of dollars in interest. Who pays for it? The taxpayers. Right now, even with interest rates at historic lows, the U.S. Government is already spending nearly $345 billion yearly on interest. Instead of funding important infrastructure, defense, or the environment, nearly $345 billion in hard-earned tax dollars is just paying interest which provides zero return for American families. Just imagine how much that will grow when the U.S. reaches $45 trillion in debt. And when interest rates return to normal levels, things will get even worse.
Let's look at this.
Right now, about 11 percent of what we are going to collect this year will go to pay the interest. There is no return for taxpayers on this interest. Let's look at what is going to happen by 2031, and this is the Democrats' budget: 23 percent of total Federal receipts will go toward paying the interest. Now, that is assuming that interest rates stay low. Why would we believe that interest rates are going to stay low? Let's just look. We are having unbelievable inflation right now. When inflation goes up, interest rates typically follow. Assuming we have low interest rates stay low, like the Democrats do, we could be spending over $1 trillion on just interest by 2031. Imagine, if interest rates return to historical averages, our payments will be astronomical. The Federal Government brings in less than $4 trillion in revenues. So we will be spending roughly a quarter of all tax revenue on interest that does nothing--nothing--for taxpayers.
How can Congress justify that?
It is clear: Democratic spending has caused this massive Democratic debt, and it is time for liberals in Washington to own the debt crisis they have created.
Republicans have been clear: We won't stand for it. We won't vote to bail out the Democrats' out-of-control spending. We won't cut radical liberals in Congress more blank checks to bury our country in more debt, to drive up America's interest expense, and to fuel an already raging inflation crisis, hurting families across my State and across this country.
Just last week, the Bureau of Labor Statistics reported that the Consumer Price Index was up 5.3 percent in 1 year--from August to August, 5.3 percent. Year-over-year comparisons show that inflation has gone up each month of Biden's Presidency. Government doesn't feel the Biden inflation, but everyday Americans do.
I am hearing from families all across my State--a father of three in Jacksonville, a mother of four in Wauchula--and small businesses in Miami. Another family in Kissimmee told us about how hard it is to keep food on the table because everything is getting so expensive. They are having trouble keeping their car because of the cost of maintenance and gas. Of course, without a car, they won't have a way to get to work and provide for their family.
It is heartbreaking to hear these stories. I can relate to this. I grew up in a poor family. My mom would take in ironing for extra money. She would give us exact change to go to the grocery store, and if the price of something went up, we just simply couldn't get it.
In the face of this hardship felt by so many families in Florida and across this great Nation, President Biden and Democrats here in Congress have zero interest in reducing the national debt and cutting their insane spending. Democrats have shown a heartless disregard for the struggles so many families in Florida and across America are dealing with right now.
It is time we bring accountability to Federal spending. Unlike our Democratic colleagues, Republicans have a solution-focused approach to fixing America's debt crisis. We know that the Federal Government can and must pursue practical measures to make it easy and relatively painless to cut spending. We can start that right now.
Earlier this year, I introduced the Federal Debt Emergency Control Act, which prevents Washington from mindlessly spending by requiring that two-thirds of the Senate vote to increase the debt before approving any bill with deficit spending, terminating any unobligated funding from the stimulus bills and sending it back to the Treasury General Fund for deficit reduction, and fast-tracking any bill reducing the debt by at least 5 percent over 10 years.
Today, I am joining my friend Senator Pat Toomey to reintroduce the Full Faith and Credit Act. This bill ensures that the U.S. Government does not default on its debt while also prioritizing certain payments to our seniors, military, and veterans.
It is commonsense policy like this that will move the United States forward and out of the massive debt crisis we are clearly already in. I welcome all fiscally responsible colleagues to join me to say: We don't accept the status quo. We won't watch in silence as Democrats try to spend us into oblivion. We can get spending under control.
While I was Governor of Florida, we paid down one-third of State debt by living within our means, all while cutting taxes. We can do it here. We have to start acting responsibly, and the time to do that is now.
Politicians in Washington want you to think this is so complicated. They want you to think that dysfunction is inevitable. That is a lie. It is a lie that a broken system and failed politicians up here have been telling you for decades, and it is time for that to end.
Getting America back on track is simple. It starts with passing commonsense reforms that rein in reckless spending, stop Congress from getting paid when it shuts down the government, and force Congress to stay in session until it passes a balanced budget. We keep our Nation on the right financial path by making sure Congress is constantly held accountable for its spending of taxpayer money. It is taxpayer money, every dollar of it.
It is time to stand up for those on fixed incomes and, of course, families whose income can't keep up with inflation. It is time to stand up for our grandkids, whose futures are being mortgaged by out-of- control Washington spending.
This isn't political. It is good government, and it is common sense. The longer we ignore the debt problem, the worse it will become not just for us but for future generations.
A debt crisis is here today. It will be American families who feel the effects of their government's lack of fiscal responsibility through inflation, higher costs, and rising taxes. That is not the America anyone wants. American families deserve better. Through smart legislation and responsible choices, we can be truly accountable to the American people and bring some stability back to the Federal Government's bank account.
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