An Excellent Speech from earlier this year…. It is now far worse by the way. in just one year.
Senator Ted Cruz: “Over the past two decades, Congress has been bankrupting our nation. If you go back to the year 2000, our national debt was $5 trillion. That sounds like a wildly different world than where we are today because it was a wildly different world. Think about that for a moment. Forty-two presidents over the course of more than two centuries had built up a total debt of $5 trillion. Then a Republican came into office, George W. Bush. And over the next eight years, under a Republican president, our national debt went from $5 trillion to $10 trillion. We doubled the national debt in just eight years. Then a Democrat came into office, Barack Obama. And over the next eight years, the national debt doubled yet again, going from $10 trillion to 20 trillion. Continued below the vid
United States Congress Is Bankrupting America
Senator Ted Cruz (@tedcruz) “Over the past two decades, Congress has been bankrupting our nation. If you go back to the year 2000, our national debt was $5 trillion. That sounds like a wildly different world than where we are today… pic.twitter.com/5hmwvco3E5
— Wall Street Apes (@WallStreetApes) December 21, 2023
Now pause and reflect on that. Forty-two presidents over two centuries built five trillion in debt. Two presidents, one Republican and one Democrat, over just 16 years, quadrupled our national debt. And now over the last six years, again with a Republican president and a Democrat president, we’ve seen national debt grow from 20 trillion to 31.5 trillion dollars. This is unsustainable. The American people at home, if you’re fed up with inflation, if you’re fed up with the cost of food skyrocketing, with the cost of electricity, of rent, of lumber, of mortgages, of gasoline, of cars, of everything you buy, it’s because politicians in Washington cannot stop spending money that we don’t have. Now, we are at a moment in time because the American people elected a Republican majority in the House where we have an opportunity to stop the madness.
And I believe it is incumbent on that Republican majority and on Republicans in the Senate to use every lever point we have to stop the out-of-control spending that is driving inflation, that is punishing hardworking Americans across this country. As everyone here is writing, the debt ceiling is coming up. And the debt ceiling historically has proven the most effective lever point to force meaningful concessions. Now let me dispense with a canard. Nobody standing here wants to default on the debt. Let me be absolutely clear and unequivocal. The United States of America should never, ever, ever default on its debt and whether or not the debt ceiling is raised immediately, the United States will not default on its debt. Why? Because revenue that comes in each month exceeds the interest payments that are owed. There is more than sufficient revenue coming in to ensure we never default on the debt. And every one of us supports legislation. Legislation, I call the Default Prevention Act. To put that in statute. To make clear. Continued below the Goldco Ad
The chances of a default are 0.00%. The reason the Default Prevention Act hasn’t been passed is the Democrats block it. There is one principal person in this town that is talking about a default of the debt, and that is Joe Biden. Joe Biden wants to threaten a default in the debt. He wants to scare the markets. And frankly, he’s counting on y’all. He’s counting on the press corps just to repeat his talking points. He’s counting on the press corps just to say, those crazy Republicans want a default on the debt. That is false and if you write that in your stories, you are simply repeating partisan talking points from the White House. Historically, the death ceiling has proven incredibly effective. In 2011, by standing strong on the debt ceiling, the Republican majority in the House forced passage of the Budget Control Act, the most significant constraint in federal spending in modern times. When I arrived here in 2013, Republican leadership was crowing about the great fiscal responsibility they saw because of the Budget Control Act.” – Senator Ted Cruz
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