“Debt will run this country, not us": Lawmaker sounds the alarm on the nation’s debt

An Arizona lawmaker has a strong warning about our nation’s debt and the ability to pay.

Representative David Schweikert says things are escalating and he warns it is getting serious.

“How does this committee produce policy that says we’re not going to raise taxes on working people? We need our small businesses to be hitting a new productivity curve because that’s how we survive. But at the same time, how do we thread the needle and communicate to the world debt markets that we’re serious? Please don’t keep raising our interest rates because at this moment, if where the interest rates are going, just that increase of going to a five handle is double the cost of extending all these tax provisions. Understand if we don’t get this right, the debt and bond markets are going to run this country not us.”

Schweikert says the nation’s debt is up almost a full point since December. Farm CPA’s also spoke this week before the powerful House Ways and Means Committee. They have urged lawmakers to not let the Trump tax cuts expire. House Speaker Mike Johnson also said recently that they are a top priority for his office.

Related Stories
Americans for Prosperity Arkansas Director Ryan Norris talks energy infrastructure, regulatory reform, and the role of critical minerals in supporting rural America.
Congressman Adrian Smith of Nebraska joined us with the latest on efforts to secure year-round E15 sales.
Jack Hubbard, with the Center for the Environment and Welfare, shares context and perspective on the controversial letter about Prop 12 circulating in Washington and how a review shows it misled the public.
Decoupled base acres may amplify income inequality and distort planting decisions as farm program payments increase.
From tariff talks in Europe to SCOTUS uncertainty and rising farm losses, analysts say policy and global supply will shape grain markets in the year ahead.
Ethanol and corn groups are not hiding their disappointment over new reports that the bill to allow year-round E15 sales failed as Congress forges ahead on government funding, with another shutdown looming.

LATEST STORIES BY THIS AUTHOR:

Mike Steenhoek of the Soy Transportation Coalition shares how extreme winter weather is affecting the ag transportation network and what producers should keep in mind as conditions slowly improve.
Matt Brockman, Communications Director for the Fort Worth Stock Show and Rodeo, joined us with a look at how the legendary event is moving forward—weather and all.
Roger McEowen, with the Washburn School of Law, offers an in-depth look at two of the top legal issues of 202. Today, he walks through last year’s Waters of the United States (WOTUS) ruling and “lawfare.”
Lewis Williamson of HTS Commodities joined us with an update on the historic winter storm impacts and his outlook on today’s ag markets.
Marilyn Schlake with the UNL Department of Agricultural Economics joined us for a closer look at the evolving role of livestock sale barns.
RFD NEWS correspondent Frank McCaffrey recently spoke with Dr. Mike Vickers, a South Texas rancher, who says illegal border crossings have dramatically declined in the last year.