05.11.18

Senator David Perdue Talks Debt & Budget Realities At Fiscal Summit

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Budget Committee, yesterday joined the Peterson Foundation’s Fiscal Summit: Debt Matters and spoke with Washington Post’s Erica Werner about the debt crisis, Congress’ broken budget process, tax cuts, and working with President Trump.

Click here or click on the image below to watch.

fiscalsummit

Highlights:

On The Broken Budget Process: “The federal government’s budget process is so broken. We have to take a clean page approach. We’re supposed to pass 12 appropriations bills. In the last 44 years since the 1974 Budget Act we’ve averaged 2.5 appropriations bills per year. That’s ridiculous. We looked at countries’ and states’ best practices. Nobody budgets the way we try to do it in the federal government.”

On The National Debt: “In just the last 18 years, we’ve added $15 trillion of debt. That is a formula for disaster. This year, we will spend $50 billion more on interest on the debt than we spent last year. We will spend more on interest on the debt in 2023 than we will spend on all of our military spending. Pretty soon we’ll be borrowing money to pay the interest on past debt. That’s a sign of bankruptcy if I ever saw one.”

On Economic Growth Following Tax Cuts: “In my state of Georgia alone, Cox Enterprises, Aflac, Delta, Coca-Cola, Gulfstream, and many more have taken action following tax cuts. They’re not only adding jobs and paying bonuses. We’ve heard from thousands of companies that have announced year-end bonuses, pay increases, and so forth. More importantly, almost all of these companies are making long term commitments to retirement plans. These tax cuts will be the most stimulative action the federal government has taken in decades.”

On President Trump’s Agenda: “As a business guy, President Trump’s instincts are right on target. He didn’t have to have a lot of conversations last year to figure out what we needed to do to get the economy going. The President knew, and it’s working.”

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Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.