Senator David Perdue Talks Debt & Rising Interest Rates
“This game is well past the tipping point of being a crisis. We have got to get serious about dealing with our long-term debt.”
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) today talked with CNBC and Bloomberg today about solving our debt crisis and growing the economy.
Turning Around The Economy: “What we have seen so far is the bond market and indeed the stock market is pricing in growth. They’re anticipating what this president is proposing will actually work. Pull back on regulation, change this archaic tax code, lower the corporate rate, get rid of some of the corporate welfare, and eliminate this repatriation tax. Look, business knows that is going to work, consumer confidence is ebbing up ever so slightly right now. We're on the cusp of a real turnaround.”
Setting The Right Priorities: “I believe health care and taxes are the two issues of the day that will get the economy going, in addition to pulling regulations back. What we’ve got to do in the Senate is put self-interest aside and focus on the national interest.”
Fixing The Broken Budget Process: “The budget process is broken. Since 1974, we’ve only funded the government four times under this process. In the last 42 years, we’ve only passed an average of two and half appropriations bills each year.”
Addressing The Debt Ceiling: “We are not going to fall down on the good faith and credit of the United States government, we are going to pay our debts. I don’t see the debt limit itself as the problem, the budget process is our problem and the debt is our problem.”
Rising Interest Rates: “We’re talking about potential interest rate hikes today by the Fed. Every quarter point that we’ve seen in the last year is about $50 billion of new interest…If the Fed goes up again today, we’ll have 3 quarter point increases in the last 15 months, which is upwards of $150 billion of interest we are responsible for. This game is well past the tipping point of being a crisis. We have got to get serious about dealing with our long-term debt.”
Changing Our Tax Code: “The only reason we’re talking about the so-called border adjustment tax is in order to pay for the real tax changes that will make a difference in our economy. The corporate tax reduction, the elimination of the repatriation tax, and changing the individual tax rates to be much more meaningful. Those are things that will grow the economy. The border adjustment tax is regressive, hammers low- and middle-income consumers, and it does not foster growth. What it does do is grow central governments.”
Job One Is Growing The Economy: “The President has laid out a 100-day plan that starts with solving this long-term problem of debt. Job one is growing the economy…President Donald Trump is the right guy at the right time to get us turned back in the right direction of innovation, capital formation, and the rule of law that will stimulate this economy.”
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.
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