Bill Lee: “our national debt stands at about $21 trillion. The interest costs on this alone are more than $300 billion every single…”

“our national debt stands at about $21 trillion. The interest costs on this alone are more than $300 billion every single year. That is money that can't go toward shoring up our national defense or shoring up Social Security or Medicare or some other Federal program. That is money that goes to our creditors. Now, it has to, but the scary part is that that is just a drop in the bucket compared to what it could be just a few years from now. The only reason it is even this low is that our Treasury yield rates--the rates at which we pay interest on our national debt--are at an alltime, historic low. As soon as they return to their historic averages, we will see that interest payment increase manyfold. If we wait until that moment arrives, this will be a very difficult process not just for the Federal Government, not just for Congress, but for the entire country. It is time for us to start taking gradual steps in the right direction now. This opportunity--this rescissions package that has been proposed by the President--provides us with a meaningful step in that direction. I applaud President Trump for proposing these rescissions. It is time for Congress to get back in the practice of taking these things up, of considering them, and of passing them. I respectfully urge all of my colleagues to vote for this measure. Mr. President, I yield back all time. The PRESIDING OFFICER (Mr. Daines). Without objection, it is so ordered.”