{"database": "press", "table": "releases", "rows": [["https://brooks.house.gov/media-center/news-releases/brooks-opposes-bill-increases-national-debt-and-spends-record-high-rate", "Brooks Opposes Bill that Increases National Debt and Spends at Record High Rate", "2016-09-13", "2016", "2016-09", "Republican", "House", "AL", "Mo Brooks", "B001274", "brooks.house.gov", null, null, "legacy", "Washington, D.C. \u2013\u00a0Congress will soon consider a continuing resolution (CR) spending bill that increases federal government spending by yet another $150 billion, and helps blow FY 2017 federal government spending through the $4 trillion mark, a record high. \u00a0Standing before the U.S. House this morning, Congressman Mo Brooks (AL-05) again warned colleagues of a looming and debilitating American insolvency and bankruptcy, and explained why he will vote against another temporary government funding measure that ignores economic reality.\nCongressman Brooks stated, \u201cWhile House Republicans can boast that they helped cut the $1.3 trillion deficit we inherited in 2011 to $439 billion in 2015, that boast now rings hollow.\u201d\u00a0 He continued, \u201cAbsent correction, the CBO warns that in 2024 America will embark on an unending string of trillion dollar a year deficits.\u00a0 Absent correction, the CBO warns that America\u2019s debt service costs will increase within a decade by $464 billion per year, to roughly $712 billion per year . . . more than what America spends on national defense!\u201d\nBrooks added, \u201cThis CR spending bill reflects Washington and special interest group greed and short-sightedness and continues the worst generational theft in American history, by again breaking into our kids\u2019 piggy banks and stealing money we don\u2019t have and will never pay back, callously letting our children suffer the consequences.\u201d\nBrooks concluded, \u201cMr. Speaker, I can\u2019t speak for anyone else but, as for me, Mo Brooks, from Alabama\u2019s 5th Congressional District, I vote for financial responsibility and prosperity and against a debilitating American bankruptcy, insolvency, and resulting economic depression.\u00a0 Although this continuing resolution admittedly spends money on lots of good things, I will vote against it because it is financially irresponsible.\u00a0 I will not vote for a debilitating insolvency and bankruptcy of America that will damage so many Americans for so many years to come.\u201d\n\nTo watch video of the speech, click HERE \nor on the image above.\n\u00a0\nText of Congressman Brooks\u2019 remarks:\nMr. Speaker, I have given numerous House floor speeches warning of a looming and debilitating American insolvency and bankruptcy.\nIn order to drive home the dangers, I have cited Greece, where young adult unemployment nears 50%,[1] overall unemployment approximates the worst America suffered during the Great Depression,[2] and public pensions have been slashed by almost 50%.[3]\nI have cited Venezuela, where inflation last year was 275%, is estimated at 720% this year[4] and deadly street and food riots are common.[5]\u00a0 I have cited Puerto Rico\u2019s default on $70 billion in debt, credit rating cut to \u201cjunk bond status,\u201d[6] abysmal labor participation rate of less than 40%,[7] and closure of over 100 schools.[8]\nWhile House Republicans can boast that they helped cut the $1.3 trillion deficit that we inherited in 2011[9] to $439 billion in 2015,[10] that boast now rings hollow.\u00a0 According to the nonpartisan Congressional Budget Office, the Fiscal Year 2016 deficit is ballooning by $151 billion, to $590 billion.[11]\u00a0\nAbsent correction, the CBO warns that in 2024 America will embark on an unending string of trillion dollar a year deficits.[12]\u00a0\u00a0\nAbsent correction, the CBO warns that America\u2019s debt service costs will increase within a decade by $464 billion per year, to roughly $712 billion per year[13] . . . more than what America spends on national defense![14]\u00a0 Which begs the question, \u201cWhere will the money for a $712 billion a year annual debt service payment come from?\u201d\nMr. Speaker, Washington\u2019s financially irresponsible conduct has caused both America\u2019s Comptroller General[15] and the Congressional Budget Office[16] to repeatedly warn in writing that America\u2019s financial path is [quote] \u201cunsustainable\u201d. [end quote]\nI agree with the Comptroller General and CBO warnings and am convinced that, absent major changes in the economic understanding and backbone of Washington\u2019s elected officials, a debilitating American insolvency and bankruptcy is a certainty within three decades, a probability within two decades, and a dangerous risk over the next ten years.\nAll of this brings us to the continuing resolution spending bill that Congress will soon vote on.\nAccording to the CBO, this continuing resolution spending bill plus so-called mandatory spending, increase federal government spending by $150 billion and blows FY 2017 federal government spending through the $4 trillion mark, a new record high amount of spending.[17]\nThis CR spending bill ignores economic reality and fails to prudently restrain federal government spending to reflect America\u2019s tax revenue!\u00a0 This CR spending bill reflects Washington and special interest group greed and short-sightedness and continues the worst generational theft in American history, by again breaking into our kids\u2019 piggy banks and stealing money we don\u2019t have and will never pay back, callously letting our children suffer the consequences.\nMr. Speaker, economic principles don\u2019t care if you are a family, a business, or a country.\u00a0 If you borrow more money than you can pay back, you go bankrupt.\nAmericans are rightfully angry at Washington elected officials who are all too willing to sacrifice America\u2019s future for today\u2019s special interest campaign contributions.\u00a0\nMr. Speaker, I can\u2019t speak for anyone else but, as for me, Mo Brooks, from Alabama\u2019s 5th Congressional District, I vote for financial responsibility and prosperity and against a debilitating American bankruptcy, insolvency, and resulting economic depression.\nAs such, and although this continuing resolution admittedly spends money on lots of good things, I will vote against it because it is financially irresponsible.\u00a0 I will not vote for a debilitating insolvency and bankruptcy of America that will damage so many Americans for so many years to come.\n\u00a0\n###\n\n\t\u00a0\n\t  \n\t\t[1] http://www.tradingeconomics.com/greece/unemployment-rate, November, 2015.\n\t\n\t\n\t\t[2] http://countryeconomy.com/unemployment/greece, Greece unemployment rate was 25%.\u00a0 November, 2015.\u00a0 http://www.u-s-history.com/pages/h1528.html.\u00a0 America\u2019s 1933 unemployment rate was 24.65%.\n\t\n\t\n\t\t[3] http://www.huffingtonpost.com/nancy-k-humphreys/greece-reform-it-or-ruin_b_7520542.html, June 2015.\u00a0 http://uk.reuters.com/article/uk-eurozone-greece-tsipras-idUKKCN0VJ0S9 , Feb 10, 2016\n\t\n\t\n\t\t[4] International Monetary Fund, \u201cLatin America and the Caribbean in 2016: Adjusting to a Harsher Reality,\u201d Alejandro Werner, Jan. 22, 2016. https://blog-imfdirect.imf.org/2016/01/22/latin-america-and-the-caribbean-in-2016-adjusting-to-a-harsher-reality/\n\t\n\t\n\t\t[5] TeleSur, \u201cFrom Violent Barricades in 2014 to Official Right-Wing: Venezuela's Opposition,\u201d Rachael Boothroyd Rojas, Feb. 11, 2016, http://www.telesurtv.net/english/opinion/From-2014-Violent-Barricades-to-Venezuelan-Official-Right-Wing-20160211-0024.html.\n\t\n\t\n\t\t[6] http://www.reuters.com/article/munis-puertorico-ratings-idUSWNAB046DO20140211.\n\t\n\t\n\t\t[7] http://www.gdbpr.com/documents/PuertoRicoAWayForward.pdf.\n\t\n\t\n\t\t[8] http://www.mcvpr.com/media/news/400_PuertoRicoFiscalandEconomicGrowthPlan9.9.15.pdf\n\t\n\t\n\t\t[9] Office of Management and Budget.\u00a0 See Table 1.1\u2014Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789\u20132020 at https://www.whitehouse.gov/omb/budget/Historicals/\n\t\n\t\n\t\t[10] https://www.cbo.gov/topics/budget\n\t\n\t\n\t\t[11] Congressional Budget Office, An Update to the Budget and Economic Outlook:\u00a0 2016 to 2026, August 2016.\u00a0 Page 1.\n\t\n\t\n\t\t[12] Congressional Budget Office, An Update to the Budget and Economic Outlook:\u00a0 2016 to 2026, August 2016.\u00a0 Page 2.\n\t\n\t\n\t\t[13] Congressional Budget Office, An Update to the Budget and Economic Outlook:\u00a0 2016 to 2026, August 2016.\u00a0 Page 12.\n\t\n\t\n\t\t[14] https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51129-2016Outlook.pdf\n\t\n\t\n\t\t[15] January 17, 2013 Comptroller General Gene Dodaro cover letter and \u201c2012 Financial Report of the United States Government\u201d to President Barack Obama:\u00a0\u00a0 \u201cThe comprehensive long-term fiscal projections [for America] show that \u2013 absent policy changes \u2013 the federal government continues to face an unsustainable path.\u00a0 . . .\u00a0 Over the long term, the structural imbalance between spending and revenue will lead to continued growth of debt held by the public as a share of GDP; this means the current structure of the federal budget is unsustainable.\u201d\u00a0\n\t\n\t[16] \u200bhttp://www.pgpf.org/analysis/cbo-warns-fiscal-path-is-unsustainable-and-threatens-economic-growth-jan2016; CBO Warns Fiscal Path Is Unsustainable And Threatens Economic Growth, January 19, 2016.\u200bhttp://www.pgpf.org/analysis/cbo-warns-fiscal-path-is-unsustainable-and-threatens-economic-growth-jan2016; CBO Warns Fiscal Path Is Unsustainable And Threatens Economic Growth, January 19, 2016.\n\t\u00a0\n\t\n\t\t[17] Congressional Budget Office, An Update to the Budget and Economic Outlook:\u00a0 2016 to 2026, August 2016.\u00a0 Page 2.", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://brooks.house.gov/media-center/news-releases/brooks-opposes-bill-increases-national-debt-and-spends-record-high-rate"], "units": {}, "query_ms": 1.625732984393835, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}