[Congressional Record Volume 165, Number 125 (Wednesday, July 24, 2019)]
[House]
[Page H7254]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        CONGRESSIONAL INTERNS SHARE CONCERNS ABOUT NATIONAL DEBT

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Alabama (Mr. Brooks) for 5 minutes.
  Mr. BROOKS of Alabama. Mr. Speaker, President Herbert Hoover once 
stated, ``Blessed are the young, for they will inherit the national 
debt.''
  Four young interns in my office--Nathan Olsen, Jill Oxley, Austin 
Snell, and Tyler Wiley--recently shared their concerns about the debt 
burden they will inherit from debt-addicted Washington politicians. 
These remarks reflect their concerns.
  Ironically, their concerns coincide with a massive $2 trillion 
deficit bill Congress will soon vote on that bequeaths at least $24 
trillion in debt to America's future generations. Bequeathing this 
dangerous debt is the greatest disservice ever done by one American 
generation to another.
  My interns itemize three ways in which excessive debt endangers 
America.
  First, excessive government debt and borrowing compete with and crowd 
out private borrower investment opportunities by decreasing available 
credit, thereby costing American jobs and better incomes. According 
to the Congressional Budget Office, when the government borrows, it 
borrows from people in businesses, which limits American business and 
citizen opportunity, which, in turn, drives them to be less productive, 
cuts their compensation, and makes them less inclined to work. In sum, 
excessive government debt stunts future growth and hurts the American 
economy and people.

  Second, excessive debt hurts Congress' ability to respond to 
challenges and emergencies. The Peter G. Peterson Foundation warns that 
high levels of debt reduce our government's flexibility concerning 
``future emergencies, unanticipated challenges, wars, or recessions.''
  The Peterson Foundation adds that one reason ``the United States was 
able to recover from the Great Recession more quickly than other 
countries was because our debt was fairly low, at 35 percent of GDP.''
  As recent history proves, America can better respond to a financial 
crisis if we are not drowning in excessive debt. Unfortunately, by 
year's end, America's debt will explode to roughly 78 percent of GDP, 
more than double that of a mere decade ago. That trend is dangerous.
  Third, as America's debt becomes more unmanageable, our creditors 
become increasingly concerned about government default and national 
bankruptcy and insolvency. The Congressional Budget Office warns that 
with the debt-to-GDP ratio projected to grow to ``unprecedented levels, 
it is increasingly likely that . . . investors will become concerned 
about the risk of default.''
  America has clearly entered dangerous, uncharted financial waters. 
The greater the debt, the greater the risk.
  How do we safely navigate these dangerous waters? Washington must 
learn from history and heed the advice of President John F. Kennedy, 
who said we do not choose to cut spending because it is easy, but 
because it is hard. Unfortunately, today's Washington politicians 
reject President Kennedy's wisdom because they are as hopelessly 
addicted to debt as a junkie is to heroin.
  As a result, America faces a mountainous $22 trillion debt and a 
bipartisan debt agreement that adds yet another $2 trillion in debt in 
just 2 years.
  If America is to soar to new heights rather than crash and burn on a 
mountain of debt, Washington politicians must act like adults. Our 
choice is clear.
  Washington can rack up obscene deficits, accumulated debt, and pay 
hundreds of billions of dollars each year in debt service costs, with 
the ultimate catastrophe being debilitating national insolvency and 
bankruptcy. Or Washington can protect America's future, stop 
unnecessary spending, and bequeath future generations economic freedom 
and prosperity.
  Mr. Speaker, I choose the path of economic freedom and prosperity for 
future American generations. That is why I vote against so many 
unnecessary and excessive spending bills that we don't have the money 
to pay for. And that is why I will vote against the proposed spending 
deal that creates a short-term debt junkie high while badly risking 
America's future and health.

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