Legalize innovation. congress.gov/bill/119th-cong…

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.

We have to show the world’s debt markets we’re serious about our fiscal future or we risk letting them decide our future for us. This fiscal year alone, we’ll borrow about $2.5 trillion, $6.9 billion a day, nearly $80,000 every second.

My condolences go out to the Kyl family today. Senator Jon Kyl will be remembered as a true statesman who always did right by Arizona and America. I was honored to have had the opportunity to serve with him.

The rate on the 10-year Treasury note has reached 5% twice since 2007: briefly in October 2023 and today. Today's number should scare Congress. In 2007, debt-to-GDP was 62% and the deficit was 1.1%. Now, debt-to-GDP is 123% and the deficit is above 6%. ft.com/content/06cb850d-089a…

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.

Today, we remember the 2,977 Americans who lost their lives on September 11, 2001, changing our lives forever. May we never forget the heroes of 9/11 and the brave sacrifices made by so many to protect their fellow citizens.

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.

Congratulations on a remarkable career, John. Always enjoyed our conversations over the years.

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.

Congressman Mitchell and I ran against each other in two very hard-fought elections. Harry was always civil and decent in a profession that is often anything but. He was a good man who left a lasting legacy on our state. I want to send my condolences to his children Mark and Amy, and his grandchildren.

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.