Mo Brooks: Debt Junkies Win, America Loses
Washington, DC– Following the House vote on the Bipartisan Budget Act that overcame 186 bipartisan votes in opposition, Congressman Mo Brooks (AL-05) issued the following statement:
“Washington’s special interest groups and debt junkies won a huge victory with passage of the most financially irresponsible bill I have faced in Congress. Over the long haul, this bill is a disaster for America.
“This debt junkie’s dream adds hundreds of billions of dollars in spending that America does not have, has to borrow to get, and cannot afford to pay back. Notably, out of roughly $300 billion in new spending, zero was spent on a border security wall. The absence of border wall funding says a lot about the misplaced priorities of this wayward Congress.
“While I very much support the military spending increases in this bill that are similar to those I voted for just a short three days ago, over the long haul, this legislation severely destabilizes America’s finances and will force stiff cuts to defense spending. Long term, this legislation damages national security and jeopardizes the Tennessee Valley’s economy.
“This debt junkie’s spending bill is a short term ‘binge’ that will be followed by a long term hangover.
“From both a substantive and symbolic standpoint, this financially irresponsible spending bill is a disaster for America.
“Substantively, it likely means America will embark on an unending series of trillion-dollar deficits that begin this year and end with a debilitating insolvency and bankruptcy and all the suffering that entails. This bill will also have a long-term adverse effect on the stock market. The federal government will be forced to borrow more than a trillion dollars a year indefinitely. This federal borrowing pressure will force interest rates up, thus driving up operational costs for American businesses and making it harder for American families to purchase homes. Higher operational costs mean lower profits that suppress business values and undermine family investments. Making matters worse for investors, higher interest rates mean more money is removed from the stock market and shifted into interest-based investments. The two recent thousand-point Dow Jones drops are reflective of the concerns economists and investors have with this legislation and its message of more government debt, higher interest rates, and higher business operation costs.
“Symbolically, this vote tells the world that neither party in Washington is financially responsible and leaves American voters and investors with no hope that either party is willing to address America’s deficit threat before America’s creditors bail out, thus forcing America into a debilitating insolvency and bankruptcy that will do great damage to the America it took our ancestors centuries to build.
“The spending bill faced stiff bipartisan opposition as 186 Republicans and Democrats voted against it.”