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January 18, 2023

Schweikert: It’s Time to Have an Honest Discussion About the Fiscal Crisis

WASHINGTON, D.C. — Congressman David Schweikert (AZ-01) today joined Fox Business Network’s Varney & Co. to discuss how the Biden Administration is attempting to divert attention away from the nation’s financial crisis that it helped create. Congressman Schweikert emphasized the need to explain to the American people the dangers of the shortfall in Medicare and Social Security that are headed their way unless Congress comes together to address this fiscal emergency.

Click here or on the image above to watch the interview.

On the urgency for the public to understand the fiscal crisis:

“Stuart, you nailed it. The Left, the White House, our Democratic colleagues are desperate for the public not to understand the financial, the fiscal crisis that is upon us. I mean, think about this — last year we borrowed about $57,000 a second, every second last year. The numbers are falling off the rails. Now, it’s time to have an honest discussion of how you actually start to right the ship, and the White House will do anything to avoid the discussion of what they did to this economy, to the debt, to the deficits.”

On the shortfall in Medicare and Social Security:

“You actually almost need those stressors. I know this is an uncomfortable conversation because the financial press will make it seem like the world is coming to an end, but we’ve been through this before. You almost need those stressors to force honest negotiations. Many of us on the Ways and Means Committee and others are trying to lay out a series of policies that actually at least will tell the truth about how difficult the numbers [are.] Remember, in 10 years we are heading towards almost a $2 trillion a year structural deficit. Over the next 30 years, every dime of borrowing — and we’re going to borrow well over $100 trillion — 75% of that is the shortfall in Medicare, 25% is the shortfall in social security. How do you explain that to the public? How do you explain that to the political class?”

On Democrats’ reckless spending:

“It’s more [like] what the Democrats did last year with their so-called inflation bill. It’s pandering. It’s also financing. Think about the spending in these pieces of legislation that the Democrats did when they had absolute control [of Congress.] You’ll notice that money goes to the folks that write Democrats’ checks. This is their attempt to sort of keep their base in line while the fiscal cliff is coming crashing towards us.”


Congressman David Schweikert is serving his seventh term in the United States Congress. He holds a seat on the Ways and Means Committee. He is also the Lead House Republican on the bicameral Joint Economic Committee, Co-Chairs the Valley Fever Task force with House Minority Leader Kevin McCarthy, and is the Republican Co-Chair of the Blockchain Caucus, the Singapore Caucus and the Caucus on Access to Capital and Credit.

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