By Brandon Moseley
Congressman Mo Brooks (R-AL05) explained his “No” vote on the Senate Amendment to the House Amendment to S. 1301, raising the debt ceiling. Brooks said that continuing to add trillions to the national debt is “financial insanity.”
“Washington Debt Junkies can’t kick the habit,'' Brooks said. "They continue to push financial insanity to new heights by adding $480 billion to America’s debt limit. America’s debt will soon blow through the $30 trillion mark. That is roughly $90,000 in debt for every man, woman and child in America. America’s deficit exceeded $3 trillion in FY 2020 and is projected by the Congressional Budget Office to again break the $3 trillion mark in FY 2021.”
Brooks warned of debilitating national insolvency and bankruptcy if the nation continues on this course.
“Debt Junkie spending is excessive. It is dangerous,” Brooks said. “Yet, Debt Junkies refuse to acknowledge the error of their ways and do what is necessary to avoid a debilitating national insolvency and bankruptcy. Without corrective measures, that’s where America is headed. Debt junkies must face reality, or America’s greatness will be relegated to a shadow of its former self.”
According to the Government Accountability Office (GAO) the federal government's long-term fiscal path was unsustainable even before COVID-19 because the national debt was growing faster than the economy. By the end of FY 2019, debt held by the public had climbed to 79% of the GDP. It is expected to reach 195% of GDP by FY 2050.
There is always a federal debt, but the debt is growing at an exponential rate. According to usdebtclock.org, the federal budget debt is now 126% of GDP. In 2000, it was just 56% of GDP and in 1980 it was only 34.7%. In 1960, when the federal government was still paying on the World War II debt and financing the Cold War, the debt was just 52.3% of GDP.
The official federal budget deficit is $3 trillion. In 2016, the deficit was $593 billion. In 2012, it was $213 billion.
The Democrats have an ambitious agenda that includes massive expenditures on green energy, social programs, and earned income tax credits. That $3.5 trillion plan and the Biden Administration’s $1 trillion infrastructure bill will add to the deficit. Total federal income tax revenue is less than $3.9 trillion. The largest part of that is the personal income tax, which brings in $2 trillion a year. Corporate income taxes bring in just $314 billion. According to Brooks, even a doubling of corporate income taxes collected would do little to address the deficit and could potentially crash the economy.
Democrats accuse Republicans of hypocrisy, saying that when the GOP was in control of the White House and both Houses of Congress, Republicans raised the power and scope of the federal government, increased defense spending, and cut taxes. Now that the situation is reversed, Democrats accuse Republicans of complaining about debt and deficits and of blocking routine debt ceiling increases.
Senate Majority Leader Mitch McConnell (R-Kentucky) has been heavily criticized in GOP circles for working with Democrats to raise the debt ceiling to keep the government funded through December. McConnell has said that he won’t be doing that again.
Brooks is a candidate for U.S. Senate. He is running in a crowded Republican field that includes: former Ambassador to Slovenia Lynda Blanchard, businesswoman Jessica Taylor, former Business Council of Alabama President and CEO Katie Boyd Britt, and Mark Dunn. Former Brighton Mayor Brandaun Dean is running as a Democrat.
The Republican primary is May 24, 2022.
Brooks has represented Alabama’s Fifth Congressional District since 2011.
