The Economy
Floor Speech
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Mr. SCOTT of Florida. Madam President, America is in a debt crisis because of reckless government spending. Now, thanks to the insane spending and failed policies of President Joe Biden and Democrats in Washington, we are seeing higher and higher inflation.
Under the Biden administration, inflation has grown every month. Just look at this week's CPI numbers. From June 2020 to June 2021, the Consumer Price Index rose 5.4 percent. Energy costs are up 24.5 percent, and gasoline prices are up 45 percent--nearly $1 more from where they were last year. Inflation is at the highest rate since the great recession. This week's Producer Price Index data shows a 7.3- percent increase in June and a historic 22.6-percent jump in the prices of processed goods, the highest since 1975. For 6 straight months, we have seen the data clearly shows that spending beyond our means has consequences. Inflation is growing at the fastest rate since 1981.
These aren't just numbers or statistics; these increases represent a growing pressure on Florida families and businesses. Every time prices rise, life gets harder.
Last month, I met with business owners in Miami and heard firsthand how their businesses were struggling with the rising price of goods. Every time I am home in Florida, I hear from families who are noticing prices are up, gas prices are up, and food prices are up. Every price increase has a direct impact on a family's budget.
When inflation goes up, it hurts everyone, especially our poor families, those on fixed incomes, and small businesses. I saw how hard it was for my parents to make ends meet when inflation hit in the seventies. When food and gas prices went up, we had less food on the table.
I remember going to the grocery store, when my mom took in ironing to raise money every day for groceries, and she said: You have to look at the price of things because they are constantly going up.
That is happening again in Joe Biden's America. Families in Florida and across our Nation are suffering because of the Democrats' reckless spending spree led by Joe Biden.
Just take a look around. Average prices of everything--everything is up. Let's say families are filling up their tank once a week. If you drive a car, that means Joe Biden raised your expenses $600 a year. If you drive a truck, that means Joe Biden raised your expenses by more than $1,000 a year. And let's remember, half of Americans make less than $35,000 a year. Inflation is a new tax on our families.
Instead of addressing this crisis that has hurt Americans, Biden and the Democrats are living in an economic fantasyland where debt doesn't matter, spending has no consequences, and inflation is impossible. They are ignoring the fact that our Nation is barreling towards $30 trillion in debt. That is $233,000 in debt for every family in America.
Now Democrats in the Senate want to spend another $4 trillion of your money on a so-called infrastructure plan that has little to do with infrastructure. They don't care if Americans get a return on their hard-earned tax dollars.
But the truth is, we can't keep spending like this. There will be a day of reckoning coming if we don't act to get our fiscal house in order. That is why I have introduced legislation, the Federal Debt Emergency Control Act, to take real steps to rein in Washington's out- of-control spending. That includes preventing Biden and the Democrats from mindlessly spending by requiring that two-thirds of the Senate vote to increase the debt before approving any bill with deficit spending.
It would terminate any unobligated funding from the American Rescue Plan and any previous stimulus bills, sending it back to the Treasury General Fund for deficit reduction.
Finally, it would ensure that any bill reducing the debt by at least 5 percent over 10 years is fast-tracked through the legislative process.
We are in a debt crisis. This isn't monopoly money; it is Americans' money, and we have to be responsible with it. It is time to end the madness, and it is time to stand up for low- and fixed-income families and for small businesses that bear the brunt of President Biden's inflation crisis. With the debt ceiling suspension expiring on July 31, we must tackle these issues head-on and chart a new and fiscally responsible path forward that protects families and our Nation's financial security.
I look forward to every fiscally responsible Republican and Democrat working with me to reject Biden's insane spending spree, quickly pass my bill, and protect the future of this Nation
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