On the recordFebruary 25, 2025
I thank the chairman of the Budget Committee and my friend from Texas for yielding. Mr. Chair, this year we will borrow almost $2 trillion, which represents almost a third of all Federal spending. For the first time in the history of our country, this year we will spend more on interest paying the national debt that we have already borrowed, and in several years three-quarters of all Federal spending, borrowing, will be just to pay interest on the money that we have already borrowed. Several years after that, we won't even have enough money to pay the interest on the national debt, which will signal a devastating default for our country. Mr. Chair, we cannot allow that to happen. Yet, Mr. Chair, we have a spending problem. We do not have a revenue problem. Last year, we collected more dollars in Federal tax revenue than ever in the history of our country. That is why this budget resolution is so important. It starts us, finally, down the path of reducing Federal spending rather than increasing Federal spending, and it does it without increasing taxes on hardworking Americans. That is why I am proud to urge a ``yes'' vote.
