Sen. Rick Scott on Monday ripped congressional Democrats for pushing an already overextended America to the point of fiscal meltdown.
The Florida Republican issued a series of tweets critical of the Democrats’ spending plans around a new study that showed the U.S. national debt is on track to reach 225% of the U.S. GDP by 2050.
That would almost double the current debt-to-GDP ratio, which is now about 121%, according to USDebtClock.org.
That study, released Monday by the University of Pennsylvania’s business school, emerged as Congress is scrambling to finalize a budget bill before an alleged government shutdown on Friday.
The “Pelosi-Schumer spending bill,” as Scott called it, for Democratic House Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer, would spend $1.7 trillion next year, according to Roll Call.
The national debt climbed to $31 trillion two months ago, as President Joe Biden and congressional Democrats have poured on the spending since Biden took office in January 2021.
According to the Congressional Research Service, Biden and congressional Democrats have tacked on $3.7 trillion to the national debt since January 2021 — at a time when they promote the rebound of the economy as the COVID-19 pandemic wanes and as the tax cuts enacted under former President Donald Trump generate record-setting revenues for the government.
That spending has been largely responsible for driving the inflation rate to levels unseen in 40 years. Meanwhile, the Federal Reserve has pushed the nation’s benchmark interest rate to its highest level in at least 15 years to try to smother inflation.
“We still haven’t seen a single page of the Pelosi-Schumer spending bill, and they’re expecting us to pass it by the end of this week,” Scott tweeted Monday night. “It’s insane. Congress should NEVER spend YOUR MONEY on a bill we haven’t read.”
In another tweet, he added, “Washington elites are treating taxpayer dollars like monopoly money. They just keep spending more and more with no concern for how that impacts YOU. I’m fighting to get our fiscal house in order because it’s the ONLY WAY to curb inflation and stop reckless spending.”
Scott also said on Twitter, “Our national debt reached over $31T this year, and all Democrats want to do is spend even MORE money. It’s INSANE. I’m fighting to get America’s fiscal house in order and STOP Washington’s wasteful spending before it’s too late.”
In its analysis of the spending trends, Penn noted, “Current U.S. fiscal policy is in permanent imbalance as current debt plus projected future spending outstrips future tax revenue. Achieving fiscal balance would require the federal government to permanently increase tax revenues by over 40% or reduce expenditures by 30% or some combination of both.”