04.20.18

Senator David Perdue: We Need All Hands On Deck

“This debt cannot be solved with a partisan solution.”

WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA) urges the U.S. Senate to tackle the national debt crisis and Congress’ broken budget process.

Click here to watch or click on the image below.

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Highlights:

All Hands On Deck: “In business, if you get into a crisis like this, it’s all hands on deck because it’s about survival. I would argue it’s about time for that in Congress.”

Past The Tipping Point: “The Congressional Budget Office (CBO) just last week came out with their new forecast for fiscal year 2018 and beyond. There are some dramatic revelations in there. At $21 trillion we are already well-past the tipping point of this crisis.”

Questionable Forecasts: “When the CBO and Joint Committee on Taxation (JCT) forecast, they don’t do a very good job of forecasting revenue. For example, they take very little account of foreign direct investment. They underestimate the change in the repatriation tax law that we just made, and I believe the revenue forecast is out-of-line. However, I do agree with their forecast of expenses, and there is much to learn there if we’ll pay attention.”

America’s Defense: “In just the next five years, in 2023, the interest on this debt alone will be greater than the amount of money we spend on the defense of this country—and that assumes a very low forecast for interest rates.”

No One Solution: “In 2000, the size of our government was $2.4 trillion. The size of our government in 2016, the last year of President Obama, was $4 trillion. We went from $2.4 trillion to $4 trillion in that 16-year period of time. One Republican and one Democratic president. This is what we face. There is no one solution to this debt crisis. You can’t tax enough. You can’t grow enough. You can’t cut enough.”

Out Of Business: “Washington is supposed to pass 12 appropriations bills a year, and it’s averaged two and a half per year over the last 44 years. In any business, enterprise, medical office—it doesn’t matter—if you were charged to do 12 items and you only did two and a half, you would fix something. You’d have to fix it or you’d be out of business.”

Washington Gridlock: “What drives this town is the next election cycle. In the House, it’s two years. Here in the Senate, it’s six years. It’s time to put that behind us. This debt crisis cannot be solved with a partisan solution.”

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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.