WASHINGTON, D.C. – Today, Senator Rick Scott wrote a letter to his colleagues in Congress urging them to commit to making the changes necessary to put the nation on successful fiscal path and address our out-of-control $27 trillion federal debt. In August, the current two-year suspension of the debt ceiling will expire and Congress will again be faced with a vote to increase the debt limit.
As we begin the 117th Congress, my focus remains on how we can be the best possible stewards of American taxpayer dollars. In everything we do, we must keep an eye to the future and make sure we are providing a return on every taxpayer dollar spent. We can’t forget that this year’s federal budget deficit will be the largest in the history of our nation, in excess of the cumulative deficits for the first 200 years of our country’s existence. The United States has more than $27 trillion of debt and the highest debt to GDP in our history. This is an issue that should gravely concern every member of this body.
Soon, the two-year suspension of the debt limit will expire and Congress will be faced once again with another vote to increase our debt limit. We are maxing out our credit card, again and again, with no plan to pay it off. Congress can’t keep spending like this and borrowing off the backs of our children and grandchildren.
While the debt limit suspension does not expire until August 1, 2021, we need to start focusing on reforms now. We are coming off of a trying year, and we had to take extreme measures to help our nation recover from the devastation of the coronavirus. We still have work to do, but we cannot keep suspending the debt limit and ignoring our fiscal problems. We can work together to fund our priorities, including the military, securing the border, battling COVID-19 and getting the vaccines out quickly, and preserving important programs like Medicare and Social Security. We must find a sustainable path forward that includes spending reforms such as concrete, enforceable limitations on deficit spending.
Failure to rein in deficit spending will eventually cause high inflation, devastating the purchasing power of hourly workers and those on a fixed income.
Congress has a long history of passing comprehensive legislation to both address the debt limit while also imposing crucial deficit and debt reductions measures. With the expiration of the budget caps this year, we have a great opportunity to revisit reforms and finally work together to put our nation on successful fiscal path. But this can only be achieved if we get our debt under control. I fear that if we do not, we will soon face a day of reckoning beyond our comprehension.
I hope you will pledge to work with me on this and make the changes needed to ensure every individual in our nation has the opportunity to live the American dream.
United States Senator