Sen. Rick Scott (R-Fla.) says the real culprit behind inflation and high interest rates isn't the Federal Reserve, its chair Kevin Warsh, or even President Donald Trump. It's Congress.

On Tuesday, Scott posted on X: "The problem behind inflation and interest rates isn't Kevin Warsh or the President — it's CONGRESS." He added, "Our country is $39 trillion dollars in debt. It's time to STOP SPENDING MONEY WE DON'T HAVE."

Scott's remarks came during a CNBC interview about interest rate outlooks and whether Warsh might oversee rate cuts. Scott shifted the conversation from monetary policy to federal spending: "I think all of us would like to have lower interest rates. But the problem is not Kevin Warsh, the problem is not the Federal Reserve, the problem is not President Trump. The problem is Congress." He pointed to the government's fiscal position, noting "We're running $2 trillion a year deficits. We've got $39 trillion of debt."

President Trump has defended rising debt, comparing it to real estate leverage and arguing the country remains financially strong due to its vast national wealth. He suggested equity stakes in corporations and cited past government investments, while pointing to tariffs and foreign investment as possible ways to manage debt.

Economists are sounding alarms. Steve Hanke of Johns Hopkins University called for a constitutional "debt brake" after data showed U.S. debt exceeded 100% of GDP for the first time since World War II, reaching 100.2% with public debt at $31.27 trillion. Richard Haass of the Council on Foreign Relations warned the $38 trillion debt could become a national security risk, outlining scenarios from financial instability to long-term erosion of U.S. global influence. Barry Eichengreen of UC Berkeley argued the debt problem is largely driven by political polarization, with both parties failing to address deficits or maintain fiscal discipline.