Rounds, Colleagues Sound Alarm on $22 Trillion Debt Crisis
WASHINGTON– U.S. Sen. Mike Rounds (R-S.D.) joined U.S. Sens. David Perdue (R-Ga.), Joni Ernst (R-Iowa), Jerry Moran (R-Kan.) and James Lankford (R-Okla.) and U.S. Congressman Andy Biggs (R-Ariz.-05) to introduce resolutions in the Senate and House to recognize America’s national debt as a threat to our national security. Earlier this month, the national debt reached $22 trillion.
“Surpassing $22 trillion in debt should be a wake-up call to Washington, which for decades has failed to balance the federal government’s checkbook,” said Rounds. “In South Dakota, we balance our books each year, and we have a strong economy and low unemployment because of it. High debt threatens economic growth by driving up interest rates and discouraging businesses and individuals from investing back into the economy. We literally cannot afford to wait any longer to take steps to get our debt under control. This includes committing to regular order with regard to our budget process and managing the entire federal budget, including mandatory payments. Delaying action and looking the other way is not an option.”
At a Senate Banking Committee Hearing yesterday, Rounds discussed the impact a high debt has on our economy with Federal Reserve Chairman Jerome Powell. Watch the exchange here: