Reclaiming Our Fiscal Future

Floor Speech

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Mr. ESTES. Madam Speaker, I thank the Republican Study Committee for hosting this Special Order hour.

Today, our Nation's debt is more than $28 trillion. With a number that large, it is hard to really understand how much taxpayer money we are really talking about. Well, $28 trillion is $1 million 28 million times. Or another way to think about it is it is 28 with 12 zeros behind it.

Spending far beyond our means and watching the debt clock grow astronomically higher has real implications for the future of our country and for our citizens. While many out there would like to believe that we can go on spending without some sort of restraint and it doesn't have any consequences, common sense tells us that is not true.

Because of overspending, the debt held by Americans has already eclipsed the size of our economy and will top 200 percent of the GDP by 2051. Every American, adult and child, bears a burden of more than $85,000.

The problem is so stark that our country spends about $800 million per day on interest payments alone. The net interest costs for taxpayers financing this debt will skyrocket from 1.4 percent of GDP, about $300 billion this year, to 8.6 percent of GDP. That would be more than 2\1/2\ times higher than what the U.S. currently spends on defense as a percent of our GDP.

Another way to look at this problem is through the lens of any family budget and take away some zeros.

Let's say in 2020 an individual made $34,000. That same person spent $65,000, meaning they spent $31,000 they didn't have. And they also had a credit card with $280,000 already on it and growing. This would clearly be absurd and unsustainable, yet somehow that is how the Federal Government operates.

Madam Speaker, American families understand that we should tackle the spending problem first and live within our means. This has to be the focus of our body. It is our duty and our responsibility to those we represent.

We have got to tackle the out-of-control spending before it brings down this great Nation. We need to stop mortgaging our grandkids' future just to sustain and spend our lifestyle today.

Madam Speaker, we need to do the hard work now to address our spending, balance the budget, and fiscally secure our Nation for future generations. Our constituents deserve it.

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