WASHINGTON, D.C. – In case you missed it, Senator Rick Scott wrote an op-ed for the Tampa Bay Times on how his bill, the Federal Debt Emergency Control Act, will help rein in Washington’s out-of-control spending and provide a concrete path forward to tackle the nation’s unsustainable, nearly $30 trillion debt.
In the op-ed, Senator Rick Scott wrote, “Congress can’t keep maxing out America’s credit card with no way to pay it off. It’s time for Washington’s binge-spending to end. It’s time to bring the same accountability to our nation’s capital that families and businesses across Florida show every day. Washington needs a wakeup call and I’ve introduced the Federal Debt Emergency Control Act to start ringing the bell.
America is barreling toward $30 trillion in debt. That’s equal to $233,000 in debt for every American family — a debt crisis caused by decades of wasteful and reckless spending. Now, President Joe Biden is continuing this way of governing by pushing for trillions in wasteful spending, raising the U.S. federal debt by 60% to $39 trillion and the debt-to-gross domestic product (GDP) ratio to 117% in 2030. Biden’s budget takes the United States to its highest sustained levels of federal spending since World War II. That’s insane, and there’s no way to pay for it.
Spending beyond our means has consequences. We’re already seeing rising inflation, which devastates our poorest families, like mine growing up. When inflation happened, I saw how hard it was for my parents to make ends meet. When inflation hit and food prices went up, we put less food on the table. No family should have to go through that.
My Federal Debt Emergency Control Act aims to rein in Washington’s out of control spending with concrete checks and balances that bring down the debt and help stop the reckless spending that causes inflation and kills opportunity for families across our state.
The Federal Debt Emergency Control Act would require the declaration of a Federal Debt Emergency anytime the debt exceeds 100% of GDP. Declaring a Federal Debt Emergency would initiate common sense debt reduction measures, including forcing two-thirds of the Senate and House to vote to increase the debt before approving any bill with deficit spending. We can’t let politicians spend without consequence.
If we don’t get spending under control, it’s our children and grandchildren that will suffer most as opportunity fades. Now is the time to act. I urge every Floridian to join me in demanding change that secures a prosperous and strong future for our nation.”
Read the full op-ed in the Tampa Bay Times HERE.