House Republican Slams Trump Bill As Titanic ‘Debt Bomb’ Based On ‘Fantasy Math’ | EUROtoday

While different deficit hawks folded one after the other Thursday morning and meekly voted for President Donald Trump’s “big, beautiful bill,” Rep. Thomas Massie stood agency.

The Kentucky Republican, certainly one of solely two to vote towards Trump’s 1,000-page invoice, took the ground to supply his GOP colleagues a “dose of reality” about how the invoice will saddle the U.S. with trillions in debt for many years to come back.

“I would love to stand here and tell the American people ‘we can cut your taxes, and we can increase spending, and everything is going to be just fine.’ But I can’t do that because I’m here to deliver a dose of reality,” Massie stated.

“This bill dramatically increases deficits in the near-term, but promises our government will be fiscally responsible five years from now. Where have we heard that before? How do you bind a future Congress to these promises?”

The senior Kentucky legislator then pointed to Moody’s Ratings’ choice to downgrade its U.S. credit standing earlier this week amid considerations about an unsustainable debt load.

“This bill is a debt bomb, ticking,” Massie warned. “Congress can do funny math, fantasy math if it wants. But bond investors don’t.”

Thirty-year U.S. Treasury bond yields briefly hit 5.15% Thursday, the best since 2007. The Treasury noticed a surprisingly comfortable market Wednesday when it auctioned off $16 billion in 20-year bonds, with traders displaying fear concerning the ballooning federal debt.

“Under the taxing and spending levels in this bill, we’re going to rack up ― the authors say ― $20 trillion of new debt over the next 10 years. I’m telling you it’s closer to $30 trillion of new debt in the next 10 years,” Massie warned.

“Mr. Speaker, we’re not rearranging deck chairs on the Titanic tonight. We’re putting coal in the boiler and setting a course for the iceberg,” he concluded, trying up in sharp shock as Democrats started to cheer him on.

“If something is beautiful, you don’t do it after midnight. I oppose this bill.”