What should scare us to death is right now we basically the percentage of all tax receipts required to cover interest this year, for every dollar we take in, 16 pennies of it cover interest, just interest in nine years, nine budget years, 30%. … 16% of all tax receipts cover interest this year; in nine budget years, it will be 30%. … should have because it been mixed up. If we had a 1% increase from what we expect baseline interest rates to be. Mr. Speaker, would you dare in your head to guess. (08:24–08:31)
CLAIM
Asserts that a significant portion of tax receipts is used to cover interest, and this will increase.
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.
