David Schweikert
RThe 2026 fiscal year ended Wednesday. The national debt increased by $2,534,271,606,405. That's $2.53 trillion. Or: $6.9 billion a day $290 million an hour $4.8 million a minute $80,000 a second
@BillAckman Legalize innovation. https://t.co/QYKXzFb1VW
At the beginning of the fiscal year, the 10-year was at 4.1 percent. Today, the 10-year is at 5.1 percent: a 100 basis point movement over a single fiscal year. A sustained 60 basis point rise adds roughly $2 trillion in interest over a decade. A sustained 100 basis point increase would add $3.4 trillion.
We have to show the world’s debt markets we’re serious about our fiscal future or we risk letting them decide our future for us. This fiscal year alone, we’ll borrow about $2.5 trillion, $6.9 billion a day, nearly $80,000 every second.
My condolences go out to the Kyl family today. Senator Jon Kyl will be remembered as a true statesman who always did right by Arizona and America. I was honored to have had the opportunity to serve with him.
The rate on the 10-year Treasury note has reached 5% twice since 2007: briefly in October 2023 and today. Today's number should scare Congress. In 2007, debt-to-GDP was 62% and the deficit was 1.1%. Now, debt-to-GDP is 123% and the deficit is above 6%. https://t.co/9XpMJ0PVtQ
Today, we remember the 2,977 Americans who lost their lives on September 11, 2001, changing our lives forever. May we never forget the heroes of 9/11 and the brave sacrifices made by so many to protect their fellow citizens.
At a 5% average interest rate, $63 trillion in debt means about $3.15 trillion a year just to pay interest. By 2036, that could consume roughly 56% of federal revenue outside payroll taxes. That’s interest fragility. Eventually you’re borrowing just to cover the cost of past borrowing.
WASHINGTON — This week, Rep. David Schweikert, R-Ariz., and Rep. Don Beyer, D-Va., introduced the Advancing American Innovation Act, bipartisan legislation to reform Section 337 of the Tariff Act of 1930 and ensure the U.S. International Trade Commission’s resources are focused on protecting genuine domestic industries and safeguarding public health and welfare and the U.S. economy. The legislation strengthens the domestic industry requirement so that complainants must show their licensing activity actually leads to products made and sold in the United States. It requires the ITC to consider the public interest, including public health and welfare and competitive conditions in the U.S. economy, before excluding products from the American market. The bill also creates an expedited 100-day process for resolving dispositive issues early in an investigation and requires complainants to disclose the third party funders financing patent cases at the agency. “Section 337 exists to protect companies that make things in this country,” Schweikert said. “Right now, a complainant with hidden financial backers can ask a trade agency to block products from the American market without ever showing an industry here at home. If you want the federal government to keep products out of the country on your behalf, you should be able to show what you build here and who is financing your case. Any legitimate patent holder can do both.” “The ITC is a critical forum that was created to shield U.S. businesses from unfair foreign competition,” said Rep. Beyer. “It is a powerful tool but unfortunately it has been misused by patent licensing entities who target American companies with needless and unjustified litigation. This legislation would help refocus the Commission on its core mission and protect the U.S. economy and American jobs.” “The ITC Modernization Alliance applauds Representatives David Schweikert (R-AZ) and Don Beyer (D-VA) for introducing the Advancing American Innovation Act,” said Sarah Beth Jansen, executive director of the ITC Modernization Alliance. “This bipartisan bill provides targeted reforms to rebalance the ITC’s patent process, including much needed transparency of the parties using our trade agency. We are grateful for the leadership of Representatives Schweikert and Beyer and urge Congress to move this common-sense legislation forward.” Background on the Advancing American Innovation Act: Clarifies that licensing activity satisfies the domestic industry requirement under Section 337 only when it leads to the adoption and development of products incorporating the patent for sale in the United States. Requires that any person relied upon to establish a domestic industry join the complaint under oath. Directs the ITC to identify dispositive issues at the outset of an investigation and requires an initial determination on those issues within 100 days. Requires the Commission to weigh the effect of an exclusion order on public health and welfare, the U.S. economy, competitive conditions and American consumers before barring products from entry. Requires complainants in patent cases to disclose the identity of any third party litigation funder and file funding agreements with the Commission, with sanctions for noncompliance. The amendments would apply to complaints filed under Section 337 on or after the date of enactment. Back to News
We went from around 20 copper smelters in the U.S. to two, while China came to dominate much of the critical-mineral processing. Bringing that processing capacity back means using new extraction and refining technology to leapfrog the old methods and build the next generation of processing here.
Debt models start crashing when federal debt reaches around 154% of the size of the economy. At current interest rates, we’re headed above 160% in the next decade. The models put us in the danger zone around 2035. A recession, war or one bad shock can push our borrowing costs higher when we have less room to absorb it and are already borrowing just to pay the interest. We can change the math now, or eventually the bond market will do it for us.
We’re borrowing roughly $7 billion a day. Too many in Washington still do not understand what that means. If we keep borrowing at this pace, the bond market will run this country. https://t.co/e40Whe2xrw
My prayers are with the families of those who lost their lives and the crews continuing the search and recovery effort. Please stay clear of the closed areas and follow @GrandCanyonNPS for the latest updates.
Congratulations on a remarkable career, John. Always enjoyed our conversations over the years.
In June I said on the House floor we'd cross $40 trillion in debt by the end of this summer work period. We cross it this week. We're borrowing about $93,000 every second. https://t.co/7AXh7z3u79
Thank you to the Dexcom team for the tour of their Mesa manufacturing facility last week. Great to see the technology that helps people manage diabetes being built in Arizona. https://t.co/o24TkTnJsh
Honored to receive the @NRFnews 2026 Hero of Main Street Award. I will always fight for the small businesses and retailers that keep our Main Streets strong. https://t.co/ReMzo2hlv3
Our national debt just hit $39.77 trillion. It grew by nearly $3 trillion in one year. More than $8 billion every day, $337 million every hour and $93,632 every second. We are in real trouble. https://t.co/ZXoNsASNYg
Congressman Mitchell and I ran against each other in two very hard-fought elections. Harry was always civil and decent in a profession that is often anything but. He was a good man who left a lasting legacy on our state. I want to send my condolences to his children Mark and Amy, and his grandchildren.
Congratulations to Father Tegin Joy Alvarez, who was recently sworn in as a U.S. citizen and proudly serves our country in the military. https://t.co/n1fSV5Edmf
WASHINGTON, D.C. — Rep. David Schweikert (AZ-01) took to the House floor this week to walk through new borrowing data compiled by the Joint Economic Committee and warn that interest costs are on track to become the single largest expense of the federal government. Citing the Committee’s Daily Debt tracker, which pulls figures directly from the Treasury’s management system every workday, Schweikert reported the United States has borrowed $2.948 trillion over the last 12 months, an average of $93,763 every second. Borrowing for the current fiscal year has already reached $2.022 trillion against original projections of roughly $1.7 trillion, with the year now heading toward $2.3 trillion. “Anyone want to take a guess how many days it takes us to borrow another trillion dollars? 123 days. Every 123 days we’re ticking off another trillion dollars,” Schweikert said. Total U.S. debt now stands at $39.66 trillion and is expected to cross $40 trillion by the end of the summer work period. Last year the federal government spent $1.43 for every dollar it collected in taxes. This fiscal year that figure is running closer to $1.47. Schweikert laid out the hierarchy of federal spending: Social Security first, interest second, Medicare third, Medicaid and Affordable Care Act subsidies fourth and national defense fifth. Gross interest, which includes interest owed back to the Social Security and Medicare trust funds, will approach $1.28 trillion this year and is projected to surpass Social Security as the government’s largest expense by 2037. Under baseline policy, more than 30 cents of every tax dollar collected will go to interest within nine budget years. The remarks focused on what Schweikert calls interest fragility, the outsized damage small rate increases inflict on a government carrying nearly $40 trillion in debt. With 30-year Treasury yields approaching their longest stretch above 5 percent since 2007, he noted that a sustained 60 basis point increase adds roughly $2 trillion in interest costs over ten years. Joint Economic Committee analysis also finds federal borrowing has pushed mortgage rates about one point higher than they would otherwise be, making the government a direct contributor to America’s affordability crisis. “We’re going to bring down this republic, and it’s not going to be some mob coming over the border. It’s going to be our own fiscal insanity,” Schweikert said. He pointed to recent modeling discussions with the Penn Wharton Budget Model suggesting that under current policy the United States could hit a debt spiral within 12 to 14 years, a point at which the government can no longer sell bonds. Greece, Spain and Italy can each sell a ten year bond at a lower rate than the United States today. Schweikert also highlighted the consequences of inaction on entitlements. The Medicare trust fund is projected to run dry in six years and two months, triggering a 12 percent cut to hospital reimbursements, while Medicare spending doubles from $1 trillion to $2 trillion over the same window. In roughly 26 months, the majority of all federal spending will go to Americans 65 and up. During his remarks, Schweikert publicly held House leadership to a commitment made to his team to convene committee chairs and Joint Economic Committee economists on a package of legislation his office has developed over the past year to cut spending and borrowing without removing services, including reforms targeting the hundreds of billions of dollars in misaligned payments identified in MedPAC reports and an estimated $350 billion over ten years in duplicative medical scans. “There’s ways we’re not going to pay it off, but we can stabilize it,” Schweikert said. “The bond market will live in facts, and eventually it’s going to kick us in the head unless we can do some tough things to convince it we’re creditworthy.” Back to News
The 30-year Treasury yield is above 5%, and the 10-year is at its highest level in more than a year. If Congress doesn’t get control of its ravenous borrowing, the bond market is going to run this country. https://t.co/t2GDbMhU4R
Foreign money should not flow through tax-exempt organizations without basic transparency. Today, @WaysandMeansGOP passed my Foreign Funding Transparency Act to track foreign contributions, with added scrutiny for money from China, Iran, North Korea and Russia. https://t.co/TctVDcH2iF
Today is Election Day. Democrats control the governor’s office, both U.S. Senate seats, the attorney general and secretary of state. Arizona is on a razor’s edge. I’m running because Republicans need someone who can bring independents with us and keep Arizona from slipping further left. Vote Schweikert for Governor.
Washington may be a math-free zone. The bond market is not. We are borrowing $93,000 every second. The next reconciliation bill has to show the markets that someone in Congress still owns a calculator. https://t.co/GdmwCDlhNX