David Schweikert

No, I need to correct that. And I know that is our script here, but that is not true.

Nope. Actually, I think under the CBO study were 2018 Social Security goes negative.

But that gap--think about that gap. Today, the trust fund has what, $2.8 trillion? And we have burned through that principal in 14 years.

How much actuarial math is happening at the Treasury Department saying, 'This is our future?'

But could we spend a couple of minutes just sort of looking at the headwinds that come to the next Administration?

There are some really ugly things happening. And you and I know much of that we desperately need economic growth to cover these sins.

We may be stronger than 7 years ago, but this is still crashing down upon us--

Well, Congress seemed to just discover it a couple of years ago.

Congress must reclaim its Article I authority and reclaim it now.

You have transferred your risk, you have no contractual obligation to take that risk down, and yet you are still holding capital gains.

That, to me, doesn't make any sense at all. And it is penalizing the economy in terms of billions of dollars that could be released back if you release that equity.

Whether it be in automobile, floor plan, or credit card, you have already transferred the obligation or the risk portion of the paper, and now under Dodd-Frank, we are asking you to retain something that you have already transferred.

Look, the ultimate driver for all of these trust funds, for everything around us, would be incredibly robust economic growth. Math problem.

If you really want to get geeky, it is getting shorter because they are going shorter on what they call the weighted daily average.

Mr. Mulvaney, would you agree that the cheap money, the artificial liquidity, has kept Congress from doing what it knew it had to do in reforming the entitlement programs?

Can you see that date on this particular slide? I know you have eagle eyes from flying those helicopters. Our number is 2030, 2031. Right in there the Social Security trust fund is gone.

A permanent injury that changes your ability to support yourself. As you know, this last fall, fall of 2015, it was to be out of money right now. We bailed it out, but we bailed it out in a fairly dodgy fashion. Let's be brutally honest…

It has got to enrage us that if you really cared about the country, you would have the two conversations we are demanding: one, your willingness to change the Tax Code and the regulatory code--the things that help grow the economy--and…

As you know, the first quarter of this budget year-- because budget years aren't the same as calendar years--came in at 0.7. So we didn't even make a full percentage point of gross domestic product growth. Once again, this is geeky and…

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…

It is coming. This goes back to what my friend from Pennsylvania was commenting on. What do we look like in the year we are in right now? Functionally, we are going to be borrowing about $545 billion this year. This was supposed to be one…

Mr. Mulvaney and I have been having a running conversation about how we put together a budget for this coming year. One of the discussions that we have been trying to calculate is, okay, they blew up some of the spending caps last year. It…

So the one thing that was holding us back on discretionary spending is gone, but under the law, it actually comes back in 2018. So that little tiny differential you see on that chart between the red and the green is sequestration.

Basically, let's look at 2016 and 2017. There is no sequestration. We increased our spending. We blew up the sequestration caps this last fall and last year.

Let's actually run through these. Let's use our last 12 minutes and get exactly to your point of where we are at and what has been going on. I put this one up specially for my friends who had fussed and wailed and complained about this…