The gentleman from Georgia (Mr. Kingston) referred awhile ago to mandatory spending. There is no more mandatory spending than interest on the national debt. What we are doing as Americans, not Democrats or Republicans, but as Americans who…
The gentleman from Georgia (Mr. Kingston) referred awhile ago to mandatory spending. There is no more mandatory spending than interest on the national debt. What we are doing as Americans, not Democrats or Republicans, but as Americans who represent the American people here, all 435 of us, with the charts that the gentleman from Mississippi (Mr. Taylor) showed, we are building in a tax increase on the American people that is structural, because we are borrowing so much money today.
You are spending money. You are just not spending it today; you are spending it tomorrow. And you are spending it in the form of interest, additional interest, on the debt, because that is mandatory spending. The interest has to be paid. And when you talk about mandatory spending, you are building in more mandatory spending and have in the last 25 months than any of the Democratic numbers there would indicate.
So I just want to say, mandatory spending is a problem; but interest is certainly a part of that.
Mr. Speaker, you all go for 2 minutes, and then we will go for 2 minutes.
Yes, I think you will find agreement over here. But I will tell my colleagues something. I think that has been pointed out here on both sides of the aisle.
Mr. Speaker, you did not support the Blue Dog budget either that would have resulted in $21 billion less in interest over a period of time.
Mr. Speaker, the Blue Dog budget did not increase taxes. What the Blue Dog budget did was it put some of the tax cuts that were supposed to go into effect into the future off the table.
I have heard the Republicans over and over again say we need to go to a zero-based budget, and if you have a spending increase that is not as much as you want, that that is some kind of cut, that that is what the Democrats say. Well, you cannot say that a tax cut that is not yet in effect, if it does not go in effect, is a tax increase. You cannot have it both ways on that one.
But let me just point out, I agree with the gentleman from Michigan (Mr. Smith). Let me say what I think anybody, any reasonable, sane person listening to this would have to conclude, and that is this country is on an unsustainable financial glidepath. The Republican budget that you are so proud of borrows in the next 10 years, in your budget cycle that you passed without our votes, that is true, because it borrowed another $6 trillion; the interest difference that we will pay as Americans, the mandatory spending that we have, because your budget passed and not the Blue Dog budget, amounts to $421 billion over the next year.
I will give my colleagues 2 examples that just happened in the last 2 weeks. You added $80 billion in borrowed money on the child care matter. Mr. Speaker, $80 billion at 4 percent interest is $3.2 billion a year in interest. By just that one bill, you spent $32 billion that night over the next 10 years.
Then you had the medical savings account. You borrowed $174 billion for that bill. Just that bill alone is increased mandatory spending in interest over the next 10 years of $68 billion. You are spending money, you are just not spending it tonight. You are spending it over the next 10 years. Those two bills alone are $100 billion in additional spending, mandatory spending on interest.
Now, you can talk about spending all you want, but spending is spending, whether it is on interest, which is the most wasteful spending of all, because no one gets anything. And, as the gentleman from Mississippi (Mr. Taylor) pointed out earlier, we are borrowing money from foreign nations who may or may not agree with us, and when they call those notes, we have a real problem.
So I am going to quit. Let us agree to do this again. We all know we have a major problem. And unless we can agree that we are on an unsustainable financial path, I do not know where we go.