Florida U.S. Sen. George LeMieux delivered a farewell address on Tuesday with a stern warning that runaway spending will bring down the federal government….
“Not since World War II has the nation faced a greater threat,” he told the Senate on Tuesday.
“At the end of the decade, when our debt will be nearly $26 trillion, that interest payment [on the debt] will be $900 billion. When that interest payment is $900 billion, this government will fail. And long before that time, the world markets will anticipate that, and our markets will crash,” he said on the Senate floor.
He called for a return to the spending levels of 2007 and for greater congressional oversight of how the money is spent.