What that will do is actually cost the federal government more. So instead of going out and getting loans at three and a half percent, federal government might find themselves at double that rate. We're already paying roughly $1 trillion a year for interest payments on the debt alone. To double that would be draconian. And so unfortunately, the federal government is in the situation it's in due to decades of reckless spending in Washington. (12:32–12:38)
CLAIM
Asserts that the federal government pays approximately $1 trillion annually in interest on the debt.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
