Dear ,

I hope you and your family are doing well! With the holiday season nearly upon us, I want to wish you and your loved ones a safe and blessed Thanksgiving this week. Below, please find a few updates on my work for the residents of Arizona’s First Congressional District.

Congress Can No Longer Continue to Ignore Our Fiscal Reality

Click here or on the image above to view my remarks.

Last week, I delivered a speech on the House Floor last where I reacted to Bloomberg's projections that gross interest on the national debt in Fiscal Year 2024 will climb past $1 trillion, making interest the second largest expense in all of government. I also discussed Moody’s lowering its outlook on the U.S. credit rating to negative, and I implored my colleagues to put politics aside so that we can come together to stabilize U.S. debt by achieving a healthier society.

My Op-ed on the Need For a Bipartisan Debt Commission

On Wednesday, I penned an op-ed for FoxNews.com on the need for Congress to form a bipartisan debt commission to confront the nation’s imminent debt crisis and preserve retirement programs for America’s seniors. I also emphasized that a revolution in health care innovation will be necessary to improve outcomes for patients and bring down health care costs, which in turn will reduce overall federal spending. 

Consider this – over the past year, the national debt increased by $2.5 trillion, which amounts to an eye-popping $78,401 every second. U.S. federal borrowing for Fiscal Year 2023 neared 9% of the entire economy. These numbers should terrify every American.

By forming a bipartisan debt commission, we have a unique opportunity to come together and tackle our debt crisis directly. It doesn’t matter what party one belongs to, we should all want a healthier population, strong and secure social safety net programs, and a strong and flourishing economy.

Check out my full opinion piece here.

Supporting the March For Israel

It was moving to see nearly 300,000 people gather in our nation's capital to show solidarity for  Israel in the wake of Hamas' barbaric assault last month. As the number of anti-semitic incidents continue to grow throughout the country, it's important that we stand shoulder-to-shoulder with our Jewish brothers and sisters against such heinous attacks on their faith. The United States must also continue to support our greatest ally in the Middle East as they fight to defeat terrorism.

Chairing the Joint Economic Committee Hearing on the Demographic Drivers of Our Deficit

Last week, I co-chaired a Joint Economic Committee hearing where we examined how our nation's aging population is one of the primary drivers of all U.S. debt. Below are a few key facts discovered at the hearing that help explain our worsening fiscal trajectory over the next couple decades.

• In 2023, outlays for Social Security, Medicare, and Medicaid, for people age 65 or older, amount to less than 30 percent of all federal non-interest spending; but in 2053, such outlays amount to more than 40 percent of all non-interest spending, per CBO.
• In 2020, there were 54.1 million Americans aged 65 and older, but by 2040, that number will rise to an estimated 81.5 million. This rate of growth is nearly ten times as fast as the growth of the population under age 65, which will likely increase by only 5% over the same period, per the Pew Research Center.
• In 2020, there were 37 older households for every 100 working-age households, but by 2040 there are projected to be 54 older households for every 100 working age households. This will increase the dependency ratio nationwide by 46%. This compositional shift will create significant fiscal pressure on government because working-age households form the core of the federal and state tax base, per Pew.

2024 Spring Internship Applications Due December 8

My Washington, D.C. and Scottsdale offices are accepting applications for full and part-time congressional internships for the 2024 spring session. College students interested in interning in my Scottsdale office are encouraged to submit their applications to Ernestina.Borquez-Smith@mail.house.gov by December 8th. For more information, please review my website at https://admin-schweikert.house.gov/internships/ or please call my district office at (480) 946-2411.

For students interested in a 2024 spring internship in my Washington, D.C. office, please email your resume, a cover letter, and two reference letters to Katie.West@mail.house.gov. 

We look forward to reviewing your applications!

Daily Debt Monitor Text Message Sign-Up

Be sure to sign up to receive my “Daily Debt Monitor” text messages that track real-time updates of our national debt at the end of each day. Subscribing is easy — head to schweikert.house.gov and fill out the required information on the homepage of my website. 

I hope these updated numbers can provide some further insight as to why I am so adamant about reducing our outrageous government spending.

Upcoming Mobile Office Hours

On Tuesday, November 28th, my District Office team will be at the Granite Reef Senior Center located at 1700 N. Granite Reef Road, Scottsdale, AZ 85257, from 10 a.m. until 12 p.m. to assist constituents one-on-one with casework. If you or someone you know needs help with a federal benefit, such as Social Security, VA, or OPM, please come by to see how the office can be of service.

If you are unavailable during this time and have questions about casework or other constituent services, please call my district office staff at (480) 946-2411. 

2024 Medicare Open Enrollment

Medicare Open Enrollment is officially underway. Until December 7th, use Medicare Open Enrollment to compare prescription drug and health coverage options to find what best meets your needs. Your health needs can change from year to year — so do Medicare plan costs and coverage. Get started at www.medicare.gov/plan-compare.

What I’m Reading & Why It Matters

This week, I'm reading about how foreign demand for U.S. debt has decreased substantially over the last decade. Foreigners, including private investors and central banks, now own about 30% of all outstanding U.S. Treasury securities, down from roughly 43% a decade ago, according to data from the Securities Industry and Financial Markets Association.

I'm also reading this Journal of Translational Medicine study exploring the role of mRNA vaccines in advancing personalized medicine in brain cancer. Additionally, I wanted to share this STAT News article identifying the dozens of companies developing weight loss drugs after seeing the recent success of medications like Wegovy and Mounjaro.

Thank you for taking the time to read this update on my latest work in Washington, D.C. and Arizona’s First Congressional District! If you have any comments or concerns, I encourage you to reach out to my office.

Sincerely,

David Schweikert