Political Quotes

“Madam Chair, I rise in support of the amendment. Often when inflation is considered, people fail to consider one of its important effects. That effect is on how much more it costs taxpayers to pay interest on our Federal debt. Those interest payments are high, and they spike higher when interest rates rise. The Congressional Budget Office estimated that the Federal Government would pay $400 billion in interest on the Federal debt during fiscal year 2022. The Committee for a Responsible Federal Budget projected at the time that for every 1 percent increase in interest rates, those annual payments would rise by $38 billion. Remember, that was for fiscal year 2022, when the Federal debt and interest rates were lower than they are now. My colleague's amendment makes sure the impact on the Federal debt service costs will not be overlooked in the inflation impact assessments the bill requires. Madam Chair, I urge my colleagues to vote ``yes'' on this amendment.”