Mr. Speaker, I thank Mr. Schweikert for yielding me the time as I rise to speak on some of the exact same things that he talked about. They are boring and uncomfortable, but they are necessary conversations that the country has to have,…
Mr. Speaker, I thank Mr. Schweikert for yielding me the time as I rise to speak on some of the exact same things that he talked about. They are boring and uncomfortable, but they are necessary conversations that the country has to have, just like family has to have these conversations when things maybe aren't going so right.
Mr. Speaker, I rise today to speak briefly about our national debt.
Our national debt, as it is called, is the sum of our country's annual deficits over the course of time. Last year's deficit plus the prior year's deficit plus interest, and so on, have accumulated to over $30 trillion.
This is a staggering number that exceeds the GDP of our country. If you simply put a 4 percent interest factor on that number, it is $1.2 trillion a year in interest alone.
Now, how did we get into this current situation?
Mr. Speaker, let me give you a couple of dates and numbers.
On December 29, 2022, the day President Biden signed the 4,000-page omnibus bill increasing spending into law, the Daily Treasury Statement showed that our country, the United States of America, was at 99.8 percent of the statutory debt limit.
I will say that again, Mr. Speaker: 99.8 percent of the statutory debt limit the day that President Biden signed the omnibus bill, December 29, 2022.
Any responsible person, Mr. Speaker, would have addressed the debt limit before signing an omnibus bill to increase spending.
Let's just remember and talk about that omnibus bill for a second.
It was drafted without the input of House Republicans. Not a single House Republican voted for the bill. It was drafted by Speaker Pelosi, Majority Leader Chuck Schumer, and President Joe Biden. Unfortunately, some Senate Republicans supported it, as well.
Mr. Speaker, I was 3 years old when President Biden was first elected to public office. Together, all combined, President Biden, Speaker Pelosi, Leader Schumer, they have over 100 years of combined time in Washington, D.C.
Don't you think they discussed that we were at 99.8 percent of the national debt limit when they passed the omnibus bill? Don't you think they discussed that they could have put one sentence in the omnibus bill, a sentence that simply read: The statutory debt limit of the United States is increased by the amount of funds necessary to fund this omnibus bill. One sentence in 4,000 pages--117 combined years of political experience. One sentence and we would not be having the debt limit discussions that we are having today.
I promise you, they discussed it. They made a conscious decision not to include the debt limit on the omnibus bill because they wanted to create the very situation that we are in right now, a conscious decision to force the country to the edge of default so they could blame House Republicans for the mess they created.
Over the past 28 months--that is, since President Biden was sworn into office--Democrats spent over $3 trillion without a single Republican vote, $3 trillion in a piece of legislation that they called the American Rescue Plan and the Inflation Reduction Act without a single Republican vote. This is outside and in addition to the normal appropriations process. They did this under the guise of reducing inflation and rescuing America.
Where are we after one-party rule and severe government overspending? The debt on December 29, $31,326,000. The day that President Biden signed the omnibus bill, that is what it was. The day he was sworn into office, it was $27,751,000.
Are you $3.5 trillion better off than you were 2 years ago, America?
On April 26, House Republicans passed the Limit, Save, Grow Act, a bill that would prevent default and rein in spending, and sent it to the Senate. The Senate has done nothing.
On April 27, President Biden reiterated that he still would not negotiate with House Republicans.
Now, finally, less than 10 days prior to the estimated X date of a default, President Biden has agreed to negotiate.
Mr. Speaker, we have a spending problem, a spending problem that has led to a deficit problem, a deficit problem that has led to a debt problem. Make no mistake about it, the current created crisis that we are facing with regard to the X date on the debt limit is a political crisis created intentionally by people who had over 100 years of political experience and knew exactly what they were doing when they intentionally omitted language from the omnibus bill that would have increased the debt limit to get us out of the current situation that we are in.