As the national debt nears $35 trillion, Senator Rick Scott on Fridayreleased an update on his efforts to combat America’s debt crisis and rising inflation.
Earlier this month, Senator Scott and Senator Mike Braun, both Senate Committee on the Budget members, introduced three bills aimed at increasing transparency on federal spending and addressing the unsustainable national debt.
After introducing these bills, Senators Scott and Braun made the following statements.
Senator Rick Scott stated, “Washington’s wasteful spending has fueled our massive $35 trillion national debt, with net interest costs nearing $900 billion—exceeding our defense budget and offering no return for taxpayers. This is unsustainable and irresponsible. Every dollar added to our national debt makes it harder for families to achieve the American Dream. Under the Democrats’ reckless agenda, prices, interest rates, and taxes are rising. I am proud to join Senator Braun in introducing these solutions to tackle the debt crisis before it’s too late, and I urge the Senate to consider them immediately.”
Senator Mike Braun added, “We’re on a path to financial destruction because the federal government continues to spend money we don’t have. Congress needs firm guardrails because they won’t stop spending more than we take in. These budget bills will help restore fiscal sanity.”
Senator Scott and Senator Braun introduced the following bills:
The Fiscal State of the Nation Act
- A bipartisan bill providing lawmakers with current, nonpartisan data on the nation’s fiscal health to make fiscally responsible decisions.
- Requires the Comptroller General to address a joint hearing on the House and Senate Budget Committees annually and present the Financial Report of the United States Government.
- House legislation introduced by Rep. Blake Moore.
- Additional cosponsors: Sen. Joe Manchin, Sen. Jackie Rosen, Sen. Marsha Blackburn, Sen. Roger Marshall, Sen. Pete Ricketts.
Read: Federal Court Halts Student Loan Payment Program In Another Blow To Biden Admin
The Improper Payments Transparency Act
- Increases reporting requirements to ensure clear and comprehensive data on improper payments in the President’s annual budget request.
- In FY 2023, federal agencies reported $236 billion in improper payments, but the true scale remains unknown due to insufficient reporting requirements.
- House legislation introduced by Rep. Rudy Yakym.
Additional cosponsors: Sen. Jackie Rosen, Sen. Marsha Blackburn, Sen. Roger Marshall, Sen. Pete Ricketts.
The Debt-to-GDP Transparency and Stabilization Act
- Requires the President’s annual budget to include the debt-to-GDP ratio, providing context for the size of the debt relative to the nation’s total economic output and our ability to pay it back.
- House legislation introduced by Rep. Lloyd Smucker.
- Additional cosponsors: Sen. Roger Marshall and Sen. Thom Tillis.
Read: MSNBC Contributor Complains About Obama, Democrats Trying To Throw Biden Out Of Race
Since being elected to the U.S. Senate, Senator Scott has consistently urged action to address America’s debt crisis and the harmful effects of inflation.
Help support the Tampa Free Press by making any small donation by clicking here.
Android Users, Click To Download The Tampa Free Press App And Never Miss A Story. Follow Us On Facebook and Twitter. Sign up for our free newsletter.