The Biden administration and Democrats have for the last eight years "put us in this inflationary environment that we're in," says Rep. Greg Steube, R-Fla.
"We're $36 trillion in debt. When I got elected to Congress just six short years ago, the debt was only $20 trillion. It is now $36 trillion," Steube told Newsmax's "Carl Higbie FRONTLINE."
"So, in six years we've put $16 trillion on the debt. We're running $2.5 to $3.5 trillion deficits every single year. It's completely unsustainable.
"Bond markets are seeing this. The Chinese are seeing this. The people that that buy our debt are seeing this. And it's completely unsustainable. And Congress has to act," he added.
President-elect Donald Trump on Tuesday promised to "turn the economy around very quickly.
"Right now, when I think of our economy, I think about inflation. That's what we have. We have inflation, I believe, at a level that we never had before," he said during a press conference.
"There's never been anything like it. And over the next four years, the United States is going to take off like a rocket ship. But really, it's already doing it. … Since my election, the stock market has set records. The S&P 500 Index has broken above 6,000 points for the first time ever, never even close. In a single month, small business optimism soared 41 points. It's not a 41, it went up 41 points, and that's the largest in the 39-year history of the group that does it. According to Gallup, the American people's confidence in the economy has just surged to the highest level in history."
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