At Senate Leadership Press Conference, Daines Discusses Cost of Servicing National Debt
U.S. SENATE –U.S. Senator Steve Daines today delivered the following remarks at the weekly Republican Senate Leadership press conference where he focused on the consequences of President Biden’s runaway inflation, including the fact that over the next ten years, the total amount spent on interest on our national debt will exceed the total amount spent on defense.
“When I’m back home in Montana, the top concern I hear about is fentanyl, drugs flooding across the southern border in states like Montana. I also hear a lot about inflation, the price of gas, the price of groceries. Montanans are feeling the consequences, certainly of Bidenflation.
“But another direct consequence, as we heard today in the Banking Committee, when Chairman Jay Powell was before us, is this reckless spending that we saw unleashed by the Democrats over the last two years. It’s causing inflation and now the soaring cost of servicing our national debt.
“In February, the CBO updated their next ten-year forecast and over the next ten years, the dollars spent by the federal government on servicing the debt on interest will exceed the total dollars spent on defense.
“I remember when I was first running for the U.S. House back in 2012. I remember quoting the Joint Chiefs of Staff Chairman Mullen, who back then said and I quote, ‘The most significant threat to our national security is our debt.’ I think he was prophetic, because this gets us into trouble as China is increasing defense spending every single year. Strapping our future generations with loads of debt is irresponsible, it’s dangerous, it is a threat to our national security. We need to bring back fiscal sanity to Washington, D.C.”