Senator Rick Scott took aim at the White House last weekend after reports that the U.S. would reach its debt ceiling on January 19. “We cannot cave and allow our nation to accept a SINGLE CENT of additional debt without also setting a path toward FISCAL SANITY,” said Scott on Twitter. The announcement follows the January Consumer Price Index report, which showed an increase of 6.5%.
“This CPI is a shameful reminder that Americans have endured rising inflation for two full years under Joe Biden. It’s time for Congress to buckle down and focus on paying down the debt.”
According to the CPI release, year-over-year price increases include
Overall food at home: +11.8%
Eggs: +59.9%
Butter: +31.4%
Flour: +23.4%
Milk: +12.5%
Fuel oil: +41.5%
Rent: +7.5%
American families have lost the equivalent of over a month’s salary since Joe Biden took office. The combined effects of rampant inflation and higher borrowing costs from rising interest rates have eaten away an estimated $7,400 for the average household, according to research by the Heritage Foundation. More Americans than ever are relying on their credit cards to make ends meet, putting many households on a path to insolvency.
“With stats like this, the White House shouldn’t be bragging about high prices & lost income. It’s an insult to the millions of Americans struggling to make ends meet.”
Families have lost an average of $7.4K in annual income since @JoeBiden took office.
With stats like this, the White House shouldn't be bragging about high prices & lost income. It's an insult to the millions of Americans struggling to make ends meet.https://t.co/N3zlUweIqe
— Rick Scott (@SenRickScott) January 14, 2023
Federal spending has spiraled out of control in recent years, growing the national debt to almost $31.4 trillion. This week, the U.S. is expected to max out its debt limit again, according to a report from Treasury Secretary Janet Yellen.
“It’s long past time for Washington to end the reckless spending of taxpayer dollars and start living within its means,” Scott said in a statement. Scott has proposed legislation, the Full Faith and Credit Act, to try and avert a financial crisis without raising the debt ceiling.
“This good bill will require the U.S. government to fulfill critical payments to the debt to avoid default and full fiscal calamity if Democrats refuse to take accountability for their wasteful spending with real reforms.”
It also ensures civilians and service members depending on Social Security, Medicare, and veterans benefits aren't punished for D.C.'s dysfunction. We all know Washington is broken, & reckless spending sprees won't work. Commonsense like this bill is how we fix it. (3/3)
— Rick Scott (@SenRickScott) January 13, 2023
“I’ll be fighting with every tool at my disposal to finally end Biden’s raging inflation crisis and bring fiscal sanity back to Washington.”
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