Sen. Ted Cruz Breaks Down Biden, Congressional Democrats’ ‘Spending Binge’

Cruz: “You know, given ‘Squawk Box’ gets into the numbers, I think it’s worth pausing for a second and reflecting at how different this is from the past. So, 2017, total federal spending was about $4 trillion. Total federal tax revenue was about $3.3 trillion. Now, quick math, that means we had about a $700 million deficit. That was 2017. Fast forward to today. Total spending has gone from $4 trillion up to $6.5 trillion, $6.4 trillion. Tax revenues have exploded. Tax revenues have gone from $3.3 trillion to $4.8 trillion. Now, quick pause to note, when we signed the 2017 tax cuts that I fought very hard to pass, every Democrat went on TV and said this going to slash federal revenues and blow up the deficits. Turns out they were entirely wrong on that. Every year, federal tax revenues have gone up, and they have gone up from $3.3 trillion to $4.8 trillion. The problem isn’t tax revenues. The problem is we had a spending binge from the Democrats that has caused the national debt to go from $20 billion to — $20 trillion, rather, to $32 trillion.”