Schweikert: ‘Does Congress Realize How Deeply We’re in Trouble?’

Congressman David Schweikert (R-AZ-01) recently took to the House floor to voice serious concerns regarding the fiscal stability of the United States. His remarks were timely, coinciding with a Congressional Budget Office (CBO) report that painted a grim picture of the national economy.

Schweikert pointed to calculations suggesting a worrying trend: a shrinking labor force alongside an alarming demographic shift where, in eight years, deaths will outnumber births. He emphasized, “There’s a shortage of borrowable money in the world. We’ve run out of global savings. Our goal is stability, not collapse,” quoting financial expert Ray Dalio.

The CBO report warned that the federal government may exhaust its borrowing capabilities by late August or September. Addressing the House, Schweikert laid out stark projections, highlighting the inadequacies of the government’s financial metrics. He referred specifically to “debt, deficits, and demographics.” Schweikert challenged his colleagues to confront the math behind the nation’s fiscal issues instead of ignoring them.

“We are up against the debt ceiling,” he noted, explaining that the current borrowing is approaching nearly $70,000 per second. He proposed an eye-opening perspective: “For every dollar we take in tax collections, we’re spending $1.39. Tell me the 39 cents you want me to cut.” The congressman pointed out that the discretionary portion of the budget accounts for only 26% of total spending.

Expressing the urgency for solutions, Schweikert stated, “We are going to spend about $7 trillion this fiscal year while only taking in around $5 trillion.” He stressed the need for honesty in budgeting and the broader implications for future generations, especially for those like his young children.

The congressman concluded his remarks with a stark warning about the nation’s financial trajectory, asserting that 24% of the spending growth over the next decade will go towards interest payments alone. “Your government is an insurance company with an army,” he said, underscoring the reality of current fiscal policies.

As the nation grapples with these pressing economic challenges, Schweikert’s address serves as a wake-up call for policymakers and citizens alike to engage with the tough financial truths facing the country.

Matthew Holloway is a senior reporter for AZ Free News.