David Schweikert: “And what happened between last August and now that all of a sudden--remember, last year, the deficit was about $150…”

“And what happened between last August and now that all of a sudden--remember, last year, the deficit was about $150 billion lower than this, than we are going to run this year. Multiple things happened: We didn't come close to the economic growth we had built and modeled. The movement of our citizens into certain programs has been greater than expected, and fewer velocity. We say unemployment is this, but when we actually look at the actual tax revenues coming from it, there is a disconnect. There is something horribly wrong there. So there is something wrong in economic growth. And then we blew up many of the sequestration caps last year. Well, ultimately, we went from, I think we had a $420 billion, $430 billion deficit last year, which was still stunning, and now we are going to be $545 billion. Look, these are big numbers. It makes your brain hurt. They are uncomfortable. But what you have to appreciate, it is stunning, and it gets dramatically worse in 20 months. We hit what was called the inflection. I remember reading about this a decade or two decades ago. It is when the baby boom population has been moved in to retirement. And the spiking years are moving in, and they are starting to receive their earned benefits. Then we start adding a couple of hundred billion dollars every year in new borrowing, and it blows off the chart. Mr. Speaker, I yield back the balance of my time. ____________________”