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Ron Johnson: “We've only been under 3% of GDP with our deficits seven…”

Featuring: Ron Johnson, Republican | U.S. Senate, Wisconsin

WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget'

Published March 12, 2026 | Video Starts at 03:29

I know Treasury Secretary Bessen is pretty well. And others economists have laid out deficits. Percentage GDP, a benchmark level, about 3% since our last surplus, which is in 2001, which is $128 billion. We've only been under 3% of GDP with our deficits seven times in those 24 years. Otherwise, we've been over that. And this chart shows CBO's current baseline, which is based on 1.8% growth, which I think people might. Hopefully we do better than that. (03:29–03:36)

CLAIM

Asserts that deficits have been under 3% of GDP only seven times in 24 years.

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Ron Johnson

“When [I] entered Congress, our nation's total debt was $14.7 trillion and 96% of GDP. Soon it will hit and surpass 39 trillion and 124% of…”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 00:35-00:48
“We passed the $5 trillion debt level in 1996, 10 trillion in 2008, 15 trillion in 2012, 25 trillion 2020, and we'll probably pass 40…”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 02:32-02:49
“This year we'll spend about $7.4 trillion, which is 67% higher than 2019.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 05:27-05:35
“Costs at least $400 billion to comply with [the tax code].”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 10:07-10:11
“Within 10 years, it will almost certainly exceed $60 trillion and 134% of GDP.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 00:47-00:54
“At 1.8% growth, we never really go below 6% [deficit as a percentage of GDP].”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 03:47-03:52
“You literally have to have 4% growth over the next decade for us to dip below 3% in the last three years of this decade.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 03:57-04:06
“On average we collect about 17.1% of GDP [in revenue].”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 04:32-04:40
“According to the CBO, in the next 10 years, this is the most recent numbers, we'll incur $24.4 trillion of deficits over the next 10 years.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 06:29-06:40
“The estimate is $24 trillion, $7 trillion higher.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 07:04-07:09
“When the Democrats have the exact same opportunity to use reconciliation, they could have increased taxes.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 07:23-07:29
“We didn't want to increase taxes. We understand how economically harmful that is.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 07:35-07:40
“If you have 3% growth, notice it doesn't bend the deficit curve down.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 07:49-07:55
“This is 4% growth. Now we're finally bending the deficit curve down.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 08:00-08:05
“By the end of the decade, you're still at $1.4 trillion.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 08:06-08:10
“Go back to a pre pandemic level. Spending.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 08:18-08:18
“If we were to do that, go back to Clinton in 98, we'd be spending $5.9 trillion this year and that's $1.5 trillion less.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 08:42-08:52
“That's a $15 trillion savings over 10 years.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 08:51-08:55
“If Clinton's too aggressive for you, go back to Obama. Be $6.6 trillion. That's $800 billion less than we're going to spend this year.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 08:56-09:05
“That's $8 trillion over 10 years.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 09:04-09:07
“Just go back to prior to the pandemic under Trump. 6.9 trillion. That saves us a half a trillion in one year, 5 trillion over 10.”
WATCH: Ron Johnson Explains To Congress 'How To Balance The Federal Budget' | Uploaded March 12, 2026 | 09:06-09:15