releases: https://brooks.house.gov/media-center/news-releases/brooks-opposes-bill-increases-national-debt-and-spends-record-high-rate
Data license: MIT · Data source: dwillis/congress-press
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| 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 | legacy | Washington, D.C. – Congress 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. Standing 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. Congressman Brooks stated, “While 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.” He continued, “Absent correction, the CBO warns that in 2024 America will embark on an unending string of trillion dollar a year deficits. Absent correction, the CBO warns that America’s 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!” Brooks added, “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’ piggy banks and stealing money we don’t have and will never pay back, callously letting our children suffer the consequences.” Brooks concluded, “Mr. Speaker, I can’t speak for anyone else but, as for me, Mo Brooks, from Alabama’s 5th Congressional District, I vote for financial responsibility and prosperity and against a debilitating American bankruptcy, insolvency, and resulting economic depression. Although this continuing resolution admittedly spends money on lots of good things, I will vote against it because it is financially irresponsible. I will not vote for a debilitating insolvency and bankruptcy of America that will damage so many Americans for so many years to come.” To watch video of the speech, click HERE or on the image above. Text of Congressman Brooks’ remarks: Mr. Speaker, I have given numerous House floor speeches warning of a looming and debilitating American insolvency and bankruptcy. In 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] I 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] I have cited Puerto Rico’s default on $70 billion in debt, credit rating cut to “junk bond status,”[6] abysmal labor participation rate of less than 40%,[7] and closure of over 100 schools.[8] While 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. According to the nonpartisan Congressional Budget Office, the Fiscal Year 2016 deficit is ballooning by $151 billion, to $590 billion.[11] Absent correction, the CBO warns that in 2024 America will embark on an unending string of trillion dollar a year deficits.[12] Absent correction, the CBO warns that America’s 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] Which begs the question, “Where will the money for a $712 billion a year annual debt service payment come from?” Mr. Speaker, Washington’s financially irresponsible conduct has caused both America’s Comptroller General[15] and the Congressional Budget Office[16] to repeatedly warn in writing that America’s financial path is [quote] “unsustainable”. [end quote] I agree with the Comptroller General and CBO warnings and am convinced that, absent major changes in the economic understanding and backbone of Washington’s 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. All of this brings us to the continuing resolution spending bill that Congress will soon vote on. According 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] This CR spending bill ignores economic reality and fails to prudently restrain federal government spending to reflect America’s tax revenue! 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’ piggy banks and stealing money we don’t have and will never pay back, callously letting our children suffer the consequences. Mr. Speaker, economic principles don’t care if you are a family, a business, or a country. If you borrow more money than you can pay back, you go bankrupt. Americans are rightfully angry at Washington elected officials who are all too willing to sacrifice America’s future for today’s special interest campaign contributions. Mr. Speaker, I can’t speak for anyone else but, as for me, Mo Brooks, from Alabama’s 5th Congressional District, I vote for financial responsibility and prosperity and against a debilitating American bankruptcy, insolvency, and resulting economic depression. As such, and although this continuing resolution admittedly spends money on lots of good things, I will vote against it because it is financially irresponsible. I will not vote for a debilitating insolvency and bankruptcy of America that will damage so many Americans for so many years to come. ### [1] http://www.tradingeconomics.com/greece/unemployment-rate, November, 2015. [2] http://countryeconomy.com/unemployment/greece, Greece unemployment rate was 25%. November, 2015. http://www.u-s-history.com/pages/h1528.html. America’s 1933 unemployment rate was 24.65%. [3] http://www.huffingtonpost.com/nancy-k-humphreys/greece-reform-it-or-ruin_b_7520542.html, June 2015. http://uk.reuters.com/article/uk-eurozone-greece-tsipras-idUKKCN0VJ0S9 , Feb 10, 2016 [4] International Monetary Fund, “Latin America and the Caribbean in 2016: Adjusting to a Harsher Reality,” 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/ [5] TeleSur, “From Violent Barricades in 2014 to Official Right-Wing: Venezuela's Opposition,” Rachael Boothroyd Rojas, Feb. 11, 2016, http://www.telesurtv.net/english/opinion/From-2014-Violent-Barricades-to-Venezuelan-Official-Right-Wing-20160211-0024.html. [6] http://www.reuters.com/article/munis-puertorico-ratings-idUSWNAB046DO20140211. [7] http://www.gdbpr.com/documents/PuertoRicoAWayForward.pdf. [8] http://www.mcvpr.com/media/news/400_PuertoRicoFiscalandEconomicGrowthPlan9.9.15.pdf [9] Office of Management and Budget. See Table 1.1—Summary of Receipts, Outlays, and Surpluses or Deficits (-): 1789–2020 at https://www.whitehouse.gov/omb/budget/Historicals/ [10] https://www.cbo.gov/topics/budget [11] Congressional Budget Office, An Update to the Budget and Economic Outlook: 2016 to 2026, August 2016. Page 1. [12] Congressional Budget Office, An Update to the Budget and Economic Outlook: 2016 to 2026, August 2016. Page 2. [13] Congressional Budget Office, An Update to the Budget and Economic Outlook: 2016 to 2026, August 2016. Page 12. [14] https://www.cbo.gov/sites/default/files/114th-congress-2015-2016/reports/51129-2016Outlook.pdf [15] January 17, 2013 Comptroller General Gene Dodaro cover letter and “2012 Financial Report of the United States Government” to President Barack Obama: “The comprehensive long-term fiscal projections [for America] show that – absent policy changes – the federal government continues to face an unsustainable path. . . . 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.” [16] http://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.http://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. [17] Congressional Budget Office, An Update to the Budget and Economic Outlook: 2016 to 2026, August 2016. Page 2. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |