NE Valley Times

Arizona Congressman David Schweikert recently addressed the House Floor, discussing concerns over the country's debt and interest rates. He highlighted that with $36 trillion in total debt, including $29 trillion publicly financed, and significant refinancing needs, even small changes in interest rates could have substantial financial impacts. Schweikert warned about the bond market's growing influence on U.S. policy.

Schweikert predicted a potential downgrade by Moody's for 2025 if fiscal policies remain unchanged. "One of my predictions for 2025 is– Moody’s is the last of the three big ratings services– I think we’ll get downgraded if we do this stuff without even an attempt to pay for some of it," he stated.

He criticized current economic strategies, particularly those aligned with Democratic policies like the Chips Act and Inflation Reduction Act. Schweikert argued these approaches are less effective than alternatives such as research and development expensing. "If you’d done something like research and development expensing... it’s dramatically less expensive, and has actually more economic growth," he explained.

The Congressman also emphasized the importance of innovation to sustain prosperity amid demographic challenges. Citing a Congressional Budget Office report, he noted that in eight years, deaths might outnumber births in the U.S., affecting programs like Medicare and Social Security. "Demographics is destiny," Schweikert said, urging regulatory tax policies that enhance productivity.

David Schweikert serves on several committees, including the House Ways and Means Committee and chairs multiple caucuses related to technology and finance.