Political Quotes

“Mr. President, I am introducing a bill that will reveal to the public the true cost of legislative proposals by requiring that interest expense be included in all budgetary estimates. This bill will finally allow the American people to understand the true cost of the irresponsible spending that is going on here by Congress, and it will force Congress to deal with the reality of our debt so that we can make the decisions that need to be made going forward, knowing the true impact they will have on our children and our grandchildren. Let me give an example. The current interest the taxpayer pays today on the national debt is approximately $248 billion per year. Now, when interest rates go up, this number will significantly increase. In fact, the Congressional Budget Office projects that by the year 2026, the amount of interest we will pay on our national debt will exceed $700 billion per year. In 1974, the Congressional Budget Act established two organizations as official budgetary scorekeepers. They are the referees used to calculate cost estimates for a legislative proposal. When a Member of Congress puts forward a bill, they put forward an estimate on what it would cost. In this way, the system already recognizes that the public deserves to know not only how much the bill will cost but, additionally, how much interest will cost on additional debt as a result of the bill proposal.…”