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.

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.

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.

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.

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.

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.

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.

Congratulations to Father Tegin Joy Alvarez, who was recently sworn in as a U.S. citizen and proudly serves our country in the military.

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.

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.

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.

Thank you to the Institute for Legislative Analysis for recognizing my voting record with its Defender of Limited Government Award.

It saddens me to share the news that my father Bill Schweikert died this morning He was a good man, a great father, and a wonderful grandfather to our children Olivia and Matthew. I will always cherish this picture of him with Matthew that was taken last night just hours before my father passed away. We will miss him dearly.

Medicaid spending is already up 9.7% this year and could finish in double digits while we borrow about $90,000 a second. At some point, we have to lower the cost of delivering care instead of asking taxpayers to pay more without people getting healthier.

Thank you to our district office interns for all of your hard work serving our office and the people of AZ01! 🇺🇸🌵

Congratulations to Roshni Nagarankanti and Merissa Richey on earning the Congressional Award. More than 400 hours of volunteer service reflects an extraordinary commitment to others. I’m proud to recognize these outstanding young leaders from our district.

Great to tour EPIC Surgery Center in Scottsdale and discuss how physician-owned ambulatory surgery centers can deliver specialized cardiovascular care at lower costs for seniors.

Last week, we were borrowing almost $90,000 every second. Our kids inherit that debt while crime and corruption drain federal programs. Reconciliation should lower spending, not keep taxpayers paying for broken government.

Chaos and doing nothing are exactly what Democrats want. We should pass every good piece of legislation we can, advance the SAVE Act provisions that protect our elections, and make the Senate work.

Wishing everyone a safe and happy Fourth of July! 🇺🇸

Arizonans will never forget the lives lost in the Yarnell Hill Fire. On this day 13 years ago, we lost some of our best and bravest firefighters. We will always hold the families of the Granite Mountain Hotshots in our prayers.

It was a pleasure to celebrate Fix Medical Group as they joined the Scottsdale Chamber of Commerce. Congratulations to the entire team, we wish them nothing but the best as they support athletes in our community!

Washington is borrowing about $98,000 a second. That can push a 5.5% mortgage rate to 6.5% and add hundreds of dollars a month to your mortgage payment.

I was honored to welcome Braydon Chen of Phoenix Country Day School to my office today to congratulate him on winning this year’s Congressional Art Competition. His piece, “On the Eve of Creation,” will now be displayed in the U.S. Capitol. Congrats, Braydon!

How big is the fraud in Medicaid home care? In New York, one program grew from $1 billion to $11 billion in a few years. Home health aides per capita are about three times the national average. Waste, fraud and abuse could make up a quarter of the state’s Medicaid spending.

ACA broker spending jumped from $1.9B in 2020 to a projected $5.5B in 2025. Are families getting better help choosing health plans, or are taxpayers funding broker commissions that drive up federal spending?

Every 13.5 seconds, Washington borrows another $1 million. The data says my three-year-old would need every dime he will ever make to pay for promises the federal government has already made. Welcome to the morality of the modern Congress.

I joined @SecDuffy and the I-11 Coalition to discuss Arizona’s interstate priorities. I-11 is a major project for Arizona, and we’re working to move it up the federal priority list while bringing better technology to the permitting process.

Happy Father’s Day to all the dads and grandfathers across Arizona. I hope today brings you the gratitude, laughter and time with family you deserve.

Arizona’s sober living fraudsters exploited Native Americans, drained taxpayers for $2.8 billion and left families searching for loved ones they still cannot find. Government should stop the check before it goes out, not chase the fraud after the money is gone.

Last Friday, I spoke at Airbus Day about Arizona’s role in America’s aerospace industry and the suppliers helping power its future.

Minnesota’s SNAP fraud was sitting right in the data: the same Social Security number used over and over, no Social Security number at all, and more signups at one location than people living nearby. The checks still went out anyway. Absolutely outrageous.

Each year, it is an honor to nominate students from Arizona’s 1st Congressional District seeking to attend a U.S. service academy. The application portal is now open for high school seniors. Deadline: Sept. 25, 2026. Apply: schweikert.house.gov/service…

Democrats love to argue that illegal immigrants pay into Social Security. Yes, some pay with fake Social Security numbers. That is a little money. But read the Social Security actuary report. The part they leave out is the suppression of wages from millions crossing the border during the Biden years. Working-class Americans are competing with that labor now. That was the great cruelty.

I met with officials from the Department of the Interior and Bureau of Reclamation to discuss the Colorado River system and Arizona’s water future. The data they shared shows Upper Basin snowpack peaked below normal, with April through July inflow into Lake Powell projected at about 15% of average and the full water year at about 35%. Arizona needs a serious, long-term water strategy.

Last week, I met with students from Brophy Prep. Always glad to hear from Arizona students and answer their questions about Congress.

Yesterday during House debate on waste, fraud and improper payments, I said we need to get past the words “waste and fraud” and into the definitions and mechanics of how we actually take it on. The model we use today is perverse. Pay someone, hire auditors, hire lawyers, hire law enforcement, then chase the money after it is gone. How often do taxpayers get any of it back? We have access to technology today so fraudulent checks never, ever go out the door. That same thinking should apply to overseas scam farms locking people up and forcing them to scam seniors and working people out of billions. That is why I introduced the Scam Farms Marque and Reprisal Authorization Act last year. My bill would revive an Article I power Congress already has to issue letters of marque and reprisal. It would allow the president to commission private operators to go after foreign criminal enterprises involved in cybercrime, including scam farms, ransomware, cryptocurrency theft and identity theft.

It was a pleasure to meet with the Arizona Farm Bureau this morning to discuss Colorado River negotiations, irrigation, grazing lands and efforts to contain the spread of New World screwworm.

Scam farms overseas are stealing billions by forcing people locked up by criminal organizations to target seniors and working families. We have the technology to stop these scams before the damage is done. Use it.

How does a Pakistani national allegedly orchestrate a $650 million fraud scheme in Arizona’s Medicaid system? Government keeps paying first and asking questions years later.

In about six and a half years, Social Security faces a 24% cut under current law. That would double senior poverty in America and double the number of baby boomers living on the street. What we are allowing to happen is absolutely immoral.

Federal prosecutors say a $30 million Medicaid scheme meant for children’s mental health services helped pay for a fleet of luxury vehicles. That is bad actor fraud. But the real bleeding is coming from New York and California exploiting parts of Medicaid for billions and billions and billions of dollars while we’re borrowing about $1 million every 15 seconds.

Congress keeps piling on debt. Treasury still has to find someone willing to buy it. If buyers stop trusting Washington, the math gets ugly fast.

Tax-exempt status is a privilege, not a blank check. I asked @SecScottBessent how we make sure nonprofits are serving the public, not funding bad acts or violating Americans’ civil rights.

A 24% Social Security cut would mean $511 less each month for the average Arizona retiree. That’s why I’ve spent a decade putting forward proposals to protect those benefits.

I was honored to receive another Eagle for Enterprise Award from the Arizona Builders Alliance. In Congress, I have spent years fighting to keep taxes low and cut red tape so it is easier to build and invest in Arizona.

Why squander reconciliation? Use it to cut waste and fraud without taking away people’s services. That is the moral thing to do.

Today we honored our local students who received appointments to U.S. Service Academies. This year, our office set a new record with 21 students representing Arizona as they prepare to serve our country. It was truly a pleasure to meet you all. We are so proud! 🇺🇸

Happy Birthday to the U.S. Border Patrol. Thank you to the agents who protect our border and help keep Arizona safe.

Washington is borrowing over $90,000 every second. If the recent move in interest rates sticks, that adds another $2 trillion in interest over the next ten years. We cannot continue to spend this way.

I was glad to join Parkinson’s advocates yesterday for a conversation on research, policy, and how we make sure innovation reaches the people who need it. Thank you for having me.

Fraudsters exploit Medicaid because the system pays first and chases later. That is absolutely insane. Stop the money before it ever goes out the door.

Health care fraud should not be hiding in a fax machine. If we are going to use AI to find waste and fraud, the data has to come in electronically. Give the tools usable data, and we can find bad actors faster before taxpayers get stuck with the bill.

“Interference with the power of the States was no constitutional criterion of the power of Congress. If the power was not given, Congress could not exercise it; if given, they might exercise it, although it should interfere with the laws, or even the Constitutions of the States.” – James Madison This Congress has decided to exercise its authority over state and local governments on the issue of housing. When government allocates capital, or pushes private capital toward one preferred use, prices distort. This bill does not solve the actual housing problem. America needs more homes, and families need real wages that can keep up. The legislation has provisions to target “Large Institutional Investors,” who are the boogeyman of housing affordability. They make up 0.65% of the nation’s single-family housing stock. Large investors have renovated 300,000 distressed homes to rent out over the last decade. Because they are both buyers and sellers, their purchases and sales provide liquidity in the market. While the forced divestiture was removed from the bill, it would still make it harder for these businesses to operate. Not only does this bill attempt to scare away private investment, but it also expands grant programs and includes prevailing wage requirements for those who receive federal money. At a time when the federal government is borrowing $2 trillion a year and making $186 billion in improper payments, increasing grant programs with minimal additional safeguards is imprudent. Housing is at the core of the economic and social prosperity of America. Birth rates are low, and too few homes are being built. Housing policy demonstrates the idea of the laboratory of democracy. States may try novel social and economic experiments without risk to the rest of the country. States and local governments have shown that if you build more housing supply, rents and prices fall.

Arizona was hit hard by Biden inflation. We delivered historic tax cuts so families in our community can keep more of their paychecks. For Arizona families, that means roughly $7,400 to $10,600 more in real take-home pay.

Always happy when Arizonans stop by the Capitol. Last week, I showed ASU students around and visited with the women of the Dodie Londen Excellence in Public Service Series while they were in D.C. Impressive groups with thoughtful questions and a real interest in public service.

Medicare Advantage should reward keeping seniors healthier. Instead, Washington wrote rules that reward scoring seniors sicker. I have a bill scored to save $1.84 trillion and improve care. I can’t get a single member of Congress to touch it because it says “Medicare.”

A 40-basis-point move in interest rates may not sound like much. But if it sticks, that is another $1.3 trillion taxpayers have to cover over the next decade.

Arizona had $2.8 billion in sober-living fraud. A $1,500 accounting AI package could have found it immediately. Paying fraudsters first and chasing them later is insane. Stop the money before it leaves.

My 3-year-old should not need 104% of his lifetime earnings just to pay federal government pensions. He has not earned his first paycheck and Washington has already put the bill on him. The math always wins.