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David Schweikert: “If interest rates went up 1%, [in] 2034, 45% of all US tax…”

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

David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges

Published June 27, 2025 | Video Starts at 07:35

The punchline in there, in less than nine years, and this was assuming interest rates stayed stable. In 2034, 30% of all tax receipts just covered interest. If interest rates went up 1%, [in] 2034, 45% of all US tax receipts pay interest. Are we paying attention? And yet the first words I'll get from my brothers and sisters on the left is, we'll just raise taxes. (07:35–07:50)

CLAIM

Asserts that a 1% increase in interest rates would result in 45% of U.S. tax receipts covering interest by 2034.

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

“Moody's actually downgraded US Debt.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 06:43-06:47
“We actually have 18 states in America that have a higher credit rating than the federal government.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 06:50-06:55
“In 2034, 30% of all tax receipts just covered interest.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 07:26-07:33
“We borrow $6 billion a day.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 09:15-09:18
“We're functionally borrowing over $100,000 a second.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 09:35-09:39
“Two years ago, it was $9.1 trillion of additional health care spending over 10 years [due to obesity].”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 11:49-11:57
“Milken... said 47% of all U.S. health care spending was associated with obesity.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 12:00-12:09
“Medicare Advantage today comes at 120% of fee for service.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 31:41-31:49
“CBO projected when we did the 2017 tax reform, 2018, 2019, just before the pandemic, they were like 99.5, 99% accurate.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 41:18-41:32
“Interest is the number one driver of debt over the next 10 years.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 02:44-02:53
“About 60, 65% of [the debt over the next 10 years] is just interest.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 03:10-03:14
“Baseline spending, $86 trillion over the next 10 years.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 03:49-03:55
“The Social Security Medicare actuary report from four days ago actually has an 11% cut coming in the Medicare trust fund in 2033.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 04:48-04:59
“In 2033 [...] there's a 23% cut coming in Social Security checks, meaning we will double [...] senior poverty after 2033.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 04:57-18:40
“About 74% of all spending is on autopilot. It's what we call mandatory.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 05:18-05:24
“We basically always get about 17 to 18, sometimes 18.5% of the economy in tax receipts.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 08:19-08:29
“Right now, if we're sitting in the almost 18% of the economy, we're taking in taxes, but you're spending 24.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 08:32-08:40
“In nine years we're borrowing over $10 billion a day.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 09:19-09:26
“Manhattan Institute, Riedel... did the scoring on all the Democrats tax proposals.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 10:02-10:12
“You get 0.5% of the economy, 1.5% [from Democratic tax proposals].”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 10:42-10:47
“We're going to borrow 7.3% of the economy this year, and in nine years, we're borrowing 9% of the economy.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 10:51-10:59
“About half of that population [7 million prime age males missing from the labor force] may be missing... because of health, because of…”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 13:34-13:48
“Nominal, which means before inflation, we actually have domestic productivity growing at 4.3% over the next decade. We have health care…”
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“We come close to doubling US sovereign debt over the next decade.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 17:14-17:19
“Social Security actuary reports now modeling a flattening of wage growth, that's one of the things that's actually shortened the life of the…”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 19:31-19:43
“The Medicare trust fund is gone in 2033. [...] It's still 11% cut.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 20:25-20:40
“In seven years you're getting a 23% cut on your Social Security check and by the way, another 11% cut in your hospital coverage and other…”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 21:37-21:50
“The portion of your payroll tax that goes to Medicare, about 38, 40% of it is covered by the trust fund.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 21:55-22:07
“For every dollar you put into Medicare, you're getting six to seven dollars back.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 22:27-22:35
“We estimate this year, right now we're right here, we're spending about 18% of the entire economy on health care. In nine years, it's over…”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 24:02-24:16
“Today we have the same number of 18 year olds as we had 20 years ago. We have double the number of people 65 and up.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 25:00-25:11
“Starting in 1990, US fertility rates rolled over. We have a shortage of young people in America.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 25:17-25:28
“We have a shortage of young people.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 25:24-25:27
“In 2033, 20.3% of the economy will just be health care.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 26:21-26:27
“Considering government is functionally the primary payer, I think we're well over half of all health care spending coming out of the trust…”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 26:27-26:37
“The Social Security Medicare actuary report said there's 11% in 2033 cut coming.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 26:43-26:50
“Social Security and Medicare and net interest account for 80% of the spending growth.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 28:11-28:16
“The Wall Street Journal has done a five part series that if you add it all up is a trillion, $2 trillion of waste and fraud over 10 years.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 28:32-28:40
“The smallest group of 18 year olds is a percentage of population in US history.”
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“Just that delta from the 95 to 120% over 10 years is like $2 trillion.”
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“Preliminary score from our conversations with CBO... $1.84 trillion making it the largest savings bill in U.S. history.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 32:46-32:46
“Over the next 10 years we expect to spend $14.67 trillion dollars on Medicare Advantage.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 33:52-34:08
“It creates about 150, 160 billion of additional tax receipts in the 10 year window.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 35:29-35:35
“There's a trillion and a half dollars sitting in accounts up and down government that was appropriated three years ago, but they never built…”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 37:15-37:24
“We're going to borrow $2.2 trillion at the end of 2026.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 38:51-39:00
“I just brought you $3.3 trillion of savings and not a single co-sponsor in Congress.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 39:25-39:39
“CBO is more accurate than [the Tax Foundation, Yale Model foundation, and others].”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 43:47-43:50
“Population 65 and older rose by 3.1% in the last year.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 46:07-46:14
“Population 18 years old under 18 decreased by 0.2%.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 46:15-46:27
“A single point of interest going up over the next decade wipes out almost all the good we're trying to do.”
David Schweikert's Congressional Address on U.S. Debt, Healthcare, and Economic Policy Challenges | Uploaded June 27, 2025 | 47:04-47:11