Reckless Spending

Floor Speech

BREAK IN TRANSCRIPT

Mrs. BICE. Madam Speaker, today the President will release his budget, and I thought it would be appropriate to stand before you to talk about how we got here today.

There has been reckless spending under both Republican and Democratic administrations, but let me be very clear: We do not have a revenue problem. We have a spending problem.

What is truly astonishing is that during the course of this 5-minute speech, the national debt will increase by $7 million. In the next 10 years, the debt is predicted to almost double.

Furthermore, if the debt were divided evenly, each taxpayer would be responsible for $246,867 in debt.

We should have heeded the words of George Washington, who said, `` . . . avoiding likewise the accumulation of debt, not only by shunning occasions of expense, but by vigorous exertions in time of peace to discharge the debts, which unavoidable wars may have occasioned. . . . ''

But it is not only George Washington, overall. The Founders generally disapproved of debt and believed that the amount the country owed should be limited.

The U.S. national debt has increased by more than $8 trillion since late January 2020, the majority of which was under the Biden administration. This includes programs like the American Rescue Plan; the infrastructure legislation, which was really the Green New Deal in disguise; less than half of that funding went to traditional infrastructure; and the so-called Inflation Reduction Act.

We can't continue with the status quo. For FY23, Biden proposed a $5.8 trillion budget. The national debt is becoming a leading national security concern. Foreign countries, such as China, hold nearly $870 billion in debt.

It is Biden's executive orders that have led to increased regulations, higher inflation and, ultimately, higher national debt. Programs such as the student loan forgiveness program, canceling the Keystone XL pipeline, Waters of the U.S., and other executive orders that have cost Americans nearly $1 trillion.

The CBO's Budget and Economic Outlook projects a Federal deficit of $1.4 trillion in 2023, an average of $2 trillion annually from 2024 to 2033.

The President's budget will double down on failed economic policies that have been devastating for millions of hardworking Americans. It locks in historic levels of spending on far-left policies and higher taxes that will worsen inflation and drive our economy into recession.

President Biden's answer--creating a culture of dependency that makes millions of families more reliant on the government. His approach will mean fewer people in the workforce, more people on welfare, and a stagnant economy for a generation. We are on the brink of an unprecedented fiscal crisis.

Republicans have a strong vision for the country. It is called the Commitment to America. It is built on four main principles: An economy that is strong, a Nation that is safe, a future that is built on freedom, and a government that is accountable.

Meanwhile, the Democrats have their own vision for this country, and it is weaker: An economy that is weak. The administration has significantly constrained economic growth, causing 15 consecutive months of 40-year high inflation. Prices for groceries, gas, and other household necessities have skyrocketed.

They propose raising taxes on individuals, families, and businesses, which will result in even higher prices, lower wages, and fewer jobs.

A nation that is at risk; President Biden's budget fails to prioritize the safety and security of the American people. It fails to adequately fund border security, leaving us vulnerable to crime, gangs, and drugs pouring into the country.

A future that is built on dependency; currently, there are 11 million job openings in America, and 5.7 million unemployed individuals. This partisan agenda traps people in a cycle of poverty and government dependence.

Lastly, a government that is unaccountable. The Democrats' proposed budgets represent a significant expansion of the Federal Government's role in our daily lives. It is essential we hold government accountable for spending and ensure that taxpayer dollars, yours and mine, are being spent wisely.

There are theories that the rich and corporations don't pay their fair share. Businessowners pay taxes in numerous ways, corporate tax, capital gains, income tax. The top 1 percent pay 40 percent Federal income tax already.

BREAK IN TRANSCRIPT

Source