NE Valley Times

Arizona Congressman David Schweikert recently addressed the House Floor to emphasize the pressing fiscal crisis facing the United States. He focused on the nation's escalating debt, unsustainable spending habits, and demographic challenges. Schweikert warned that debt could exceed 155 percent of GDP by 2035, with annual interest payments alone potentially surpassing $2 trillion. He stated that rising interest rates might lead to "45 percent of all U.S. tax revenues going just toward interest payments."

Schweikert pointed out that extending the 2017 tax cuts without offsetting spending cuts would add an additional $5.5 trillion in debt plus $1.3 trillion in interest. He stressed fiscal responsibility as a moral obligation to future generations, cautioning that without immediate action, the U.S. risks economic collapse due to debt burdens and demographic decline.

He elaborated on these concerns: “September 30– the end of this budget year– United States debt, [according to the] Congressional Budget Office, is projected to be $37.2 trillion... If you then, on top of that, work [in] these provisions of the 2017 tax reform... it’s another $5.5 trillion." By 2035, he projects over $74 trillion in debt.

Addressing Social Security's looming insolvency due to reluctance in confronting harsh fiscal realities, Schweikert said: “In 2033... we took another couple billion dollars out of Social Security and paid it out without replacing the money... So we will double senior poverty the following year.”

He also commented on small budget cuts' insignificance in addressing national debt: “Wall Street Journal said yesterday there are 40,000 federal employees who have said they’ll take a retirement package... Those 40,000 employees leaving [amounts to savings equal to] a single day of borrowing.”

Congressman Schweikert serves on several committees including the House Ways and Means Committee and is Chairman of both the Oversight Subcommittee and Joint Economic Committee.