Dave McCormick: “We spend 6 trillion a year and we bring in about 4 trillion…”

“Right now we have a $37 trillion debt. We have a $2 trillion deficit. We bring in about 6 trillion of revenue and We spend 6 trillion a year and we bring in about 4 trillion of revenue. So it's like you make $100,000 a year, you spend 150,000. So we've got to begin to show that we can reduce the cost. And I think that's where the big challenge is.” (22:10–22:15)

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.