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David Schweikert: “CBO will be updating all these numbers because it turns out…”

Featuring: David Schweikert, Republican | U.S. House, Arizona, District 1

'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West

Published April 11, 2024 | Video Starts at 14:35

And these numbers, when I was starting to show these a couple months ago, and the inbound silliness we'd get. Stop making up numbers. Yeah, you're right. I missed them. I wasn't dark enough. CBO will be updating all these numbers because it turns out interest has gotten more expensive. Today's interest rate, we're back up to the highs, almost to the highs of last November. They haven't been going down. They're going in another direction. (14:35–14:43)

CLAIM

Asserts that the Congressional Budget Office will update numbers due to increased interest costs.

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.

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David Schweikert

“We have map after map what China just did to Taiwan.”
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“China may be spending multiple billions of dollars in influence operations here in this country to basically distort reality.”
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“Look what Russia's done to Ukraine, what people believe about Ukraine.”
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“Look what the Palestinians and their, you know, their teammates in Iran and oddly enough coming through China are doing to Israel.”
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“The vast, vast majority of our spending is on autopilot.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 07:51-07:56
“Every dime you as a member of Congress vote on is borrowed.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 08:23-08:28
“$800 billion of Medicare is borrowed.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 08:37-08:41
“We're borrowing $100,000 a second.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 09:59-10:03
“Interest will be 1,143,143.6 trillion.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 11:00-11:13
“Social Security is going to spend 1,450,000,000.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 11:25-11:30
“Medicare spending will be 22% of all income tax, all corporate taxes [in five years].”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 12:09-12:33
“Medicare spending is up 10% this year.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 12:41-12:46
“The Transportation trust fund, the Medicare Part A trust fund, the Social Security trust fund, all are gone this decade.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 13:59-14:07
“The average on U.S. sovereign debt was 7.5% [from 1975 to 2001].”
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“From 2001 to 2022 absolutely suppressed interest rates. It was down to 2.2%.”
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“We're borrowing over 9.6 [percent of GDP] right now.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 18:23-18:23
“In nine budget years you're going to have 60, 62 trillion dollars of borrowing.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 19:12-19:20
“The president's budget in nine budget years has us at 70 trillion [dollars].”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 19:28-19:33
“In my district we've had the highest inflation in the continental United States.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 22:09-22:14
“If you do not make 23.6% more money today than you did the day President Biden took office, you are poorer.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 22:13-22:23
“Interest now is the second biggest expense in our government.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 25:00-25:04
“In a few years actually Medicare even passes Social Security and total spending.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 25:23-25:30
“There was what, 67 million baby boomers for how long? What, 65 years?”
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“As we get near the eight year window, 10 year window, we get back closer to 18% [of GDP coming in as taxes].”
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“GDP, the size of the economy in 2023, grew a trillion and a half dollars.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 28:23-28:31
“For that growth you only get 17, 18, maybe even 19% of that in tax receipts.”
'I Don't Think We're Ready For This!': Schweikert Issues Dire Warning About Major Threat To The West | Uploaded April 11, 2024 | 28:36-28:46
“You guys borrowed two and a half trillion dollars, but the economy grew one and a half.”
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“If interest rates continue to go where they're going, you maybe have three years, five years.”
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“The bond market will decide what our priorities are.”
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