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Public Statements

The Deficit

Floor Speech

By:
Date:
Location: Washington, DC

BREAK IN TRANSCRIPT

Mr. LYNCH. Later on today, Mr. Speaker, we will address this bill which would award a tax cut for the richest 2 percent of Americans, and it's important that we understand the context in which this bill is being addressed. In this current year, the government has taken in $2.4 trillion in revenue, but we have spent $3.7 trillion. And so we have a deficit of $1.3 trillion. If this bill passes, it will add almost $1 trillion to our national debt.

At current rates, by the year 2040, the interest on the debt will be double the amount that we spend on defense, education, transportation, agriculture, housing, the space program, science, and research and development. We can't keep kicking the can down the road and not address our national debt. We're running out of road, we're running out of time, and the American people deserve a better deal.


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