On the recordDecember 14, 2021
Those who know me know I am not a very sophisticated guy, and they also know I am not a financial wizard; but I will tell you this: I would love to have a philosophical debate, maybe sit down, have a cup of coffee with the distinguished gentleman from Texas, and we might even find some common ground about what our practices ought to be relative to spending and taxing and all those things. But to be clear, none of what Dr. Burgess just talked about has anything to do with what we are doing here today. Ninety-seven percent of the debt that we have incurred as a Nation happened before Joe Biden took office. As for Build Back Better, which many on our side of the aisle are working to try to enact, that is something that is prospective. We are talking tonight about paying the bills of things that we have already agreed to pay for. It has absolutely nothing to do with it. I appreciate the distinguished gentleman because he is trying to bring into this debate many things which have no relevance here, apparently to make a better case, but the truth is we have a decision before us that is a serious one. It not only affects the creditworthiness of the United States, but it affects global markets. This would be, as I indicated earlier, catastrophic. This is Armageddon if it doesn't happen. Just to note, in 2016, prior to the election of the previous administration, the national debt was $19.5 trillion or 105 percent of GDP.…
