As Debt Approaches $35 Trillion, Sen. Rick Scott Shares Weekly Update on Biden’s Inflation Crisis, Introduces Solutions to National Debt Disaster

WASHINGTON, D.C. - Today, as the national debt approaches $35 trillion, Senator Rick Scott released a weekly update on his actions to address America's debt crisis and rising inflation. Earlier this month, Senator Scott joined Senator Mike Braun, both members of the Senate Committee on the Budget, to introduce three bills to increase transparency on the enormous spending levels in the federal government and to address the unsustainable national debt. Following the introduction of the bill package, Senators Scott and Braun released the following statements.

Senator Rick Scott said, "While Washington's wasteful spending is fueling our massive $35 trillion national debt, our net interest costs total nearly $900 billion-that is more than our defense budget wasted with no return for American taxpayers. It is unsustainable and irresponsible. Every dollar Washington politicians add to our national debt makes it more difficult for families to live their American Dream. Under Democrats' reckless agenda, prices keep going up, interest rates keep going up, and taxes keep going up, but Democrats want to dig the economic hole deeper. I am proud to join Senator Braun to introduce these solutions so we have a plan to tackle the massive debt that is crippling Americans everywhere before it's too late, and I urge the Senate to immediately consider them."

Senator Mike Braun said, "We're on the path to financial destruction because the federal government keeps spending money we don't have. Congress needs firm guardrails because they won't stop spending more than we take in. These budget bills I am introducing today will help restore fiscal sanity."

Senator Scott joined Senator Braun to introduce the following bills:

• The Fiscal State of Nation Act is a bipartisan bill that provides lawmakers with the most current, nonpartisan data on the nation's fiscal health so they can make fiscally responsible and economically sound decisions. Specifically, it requires the Comptroller General to address a joint hearing on the House and Senate Budget Committees each year and present the Financial Report of the United States Government in order to provide an analysis of the nation's fiscal state.

• The Improper Payments Transparency Act increases reporting requirements by requiring clear and comprehensive data on improper payments in the President's annual budget request each year. In FY 2023, federal agencies reported $236 billion in improper payments, but the true scale remains unknown due to insufficient reporting requirements

• The Debt-to-GDP Transparency and Stabilization Act requires the President's annual budget to include the debt-to-GDP ratio, which provides context for the size of the debt to our nation's total economic output and our ability to pay it back.

Since being elected to the U.S. Senate, Senator Scott has repeatedly urged action to address America's debt crisis and the harmful effects of inflation. Click HERE for a comprehensive list of his statements and actions on this urgent issue and HERE for Senator Scott's Quarterly Economic Snapshot.

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