On Wednesday’s broadcast of NewsNation’s “The Hill,” Rep. Eric Burlison (R-MO) criticized the House Republican budget proposal and stated that he is “very disappointed” that the spending cut levels in the proposal are not large enough in a budget that is “our last chance to course correct financially, make sure that this country doesn’t go insolvent,” and the U.S. dollar remains the global reserve currency.
Burlison said, “I’m very disappointed. And let me put this into perspective, between last year and this year, the interest rate on our debt — which everyone knows is about 37 trillion dollars — the interest rate increased by 200 billion dollars. … To put that in perspective, we’re trying to cut — this proposal is to cut 1.5 trillion dollars stretched out over a ten-year period. It’s about 150 billion dollars a year. That will not even cover the increase in the interest payments that we’re making.”
He continued, “So, if you recognize this, and you realize, we’re — have one chance to do this, probably, this is our last chance to course correct financially, make sure that this country doesn’t go insolvent, and that the dollar remains the world currency — reserve currency. And so, I’m just disappointed with the level of spending cuts.”
Follow Ian Hanchett on Twitter @IanHanchett
