Political Quotes

“Madam Speaker, I thank the gentleman from Texas for his leadership. A lot has been said about the Congressional Budget Office scoring the Build Back Better bill, that it increases the deficit by $3 trillion, putting truth to the lie that the bill is paid for. It is not. What the American people need to know is that there is another CBO report that was released earlier this fall that should be front and center of this debate over raising the debt limit. Here is what that report says about the direction America is heading. According to the CBO, by 2051, America's debt-to-GDP ratio will be over 200 percent. In other words, our debt will be twice the size of our entire economy. That CBO report said a growing debt burden would increase the risk of a fiscal crisis and higher inflation, as well as undermine confidence in the U.S. dollar, making it more costly to finance public and private activity in international markets. The CBO reported that, with growing debt and rising interest rates, net spending for interest more than triples relative to the size of the economy. A New York Times article reported that the CBO warned that such high debt levels will lift borrowing costs, slow economic output, and raise the risk of a fiscal crisis. The Committee for a Responsible Budget warned that the Nation's long- term output was an air raid siren that can be heard for miles.…”