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DEMOCRATS' WASTEFUL SPENDING
The SPEAKER pro tempore. The Chair recognizes the gentleman from New York (Mr. Jacobs) for 5 minutes.
Mr. JACOBS of New York. Madam Speaker, I urge the Democratic leadership to heed the message of Senator Joe Manchin and take a strategic pause on the $4.3 trillion reconciliation bill they are attempting to pass. To spend this amount of money on top of the nearly
$6 trillion we have spent on COVID since last March is reckless to say the least. We should not forget the long-term debt crisis we are facing.
The graph beside me shows how dire this fiscal outlook is. By 2051, as is shown in this chart, the Congressional Budget Office projects our debt will reach 202 percent of the GDP. In other words, more than twice our annual output. And that does not include the $4.3 trillion the Democrats are proposing to spend in this reconciliation package.
This will far exceed the debt levels even after World War II. As you can see in the graph, at the end of World War II our debt fell sharply and continued falling for several decades.
Madam Speaker, this body needs to come together now, just as we did back after World War II, to get our fiscal house in order. I know no one here wants to see this projection become reality where we will have record and unsustainable debt loads for decades and decades to come.
I urge my Democratic colleagues to end their reckless spending proposals and work with us to get our fiscal house back in order. This cannot be the legacy we leave for our children and our grandchildren.
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SOURCE: Congressional Record Vol. 167, No. 171
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