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David Schweikert: “Interest this fiscal year of $1.1 trillion.”

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

'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget

Published March 17, 2024 | Video Starts at 10:25

Did this last week, want to make the point. This number is now wrong. Now our estimate is we're going to have interest this year, Interest this fiscal year of $1.1 trillion. $1.1 trillion of interest in the 2020 fiscal year means Social Security is number one. Spend at 1,450,000,000,000. Interest will be number two. Medicare will be number three. (10:25–10:31)

CLAIM

Asserts that the U.S. will pay $1.1 trillion in interest for the fiscal year 2020.

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

“Medicare. For every dime you put in, you're functioning now. Getting close to getting $5 back.”
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“The Medicare trust fund is emptied in seven years or so.”
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“Social Security [fund] is gone in eight or nine years.”
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“We're borrowing over 95,000 a second.”
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“We've borrowed over 3 trillion [dollars] in the running last year.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 04:04-04:17
“The burn rate right now is we're borrowing a trillion about every 125 days.”
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“The US Tax code got more progressive [after the 2017 tax reform].”
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“The top tiers in the United States of income today pay a higher percentage of the federal income tax than they did before 2017.”
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“Social Security trust fund is empty. Transportation trust fund is empty.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 08:08-08:12
“By the end of this decade, this country will have A VAT tax, a value added tax, just like the rest of the industrialized world.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 08:24-08:35
“Social Security is number one. Spend at 1,450,000,000,000. Interest will be number two. Medicare will be number three. Defense is now number…”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 10:38-10:50
“Total gross debt. Borrowing, borrowing. This year, 2.8 trillion. It could actually kiss up to three now.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 11:57-12:08
“You're running a 283-trillion dollar deficit in a time when the economy is supposedly doing well.”
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“If you're borrowing like $9 billion a day and we're going to shut the place down for months, over 16 billion.”
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“A number of the provisions of the tax reform from December 2017 expire.”
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“All the marginal tax rates go up and that happens next year.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 14:03-14:07
“Expiring 2025 tax provisions, standard deduction. If you are single, you get a $14,600 deduction. That goes away next year and that standard…”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 14:26-14:40
“Married, you get a $29,200 deduction today. A year from now that's gone, you go to $16,600.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 14:43-14:57
“You're a single individual, you make $60,000, you will pay $1,794 more. $1,794 at the end of next year.”
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“Expiring 2025 tax provisions, pass throughs. Any of you have an LLC, you know, a family business, a side hustle, you have a little llc, you…”
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“Credit for paid leave goes away. Next year, just goes away. Right now, credit up to 25% for up to 12 weeks, you get a 25% credit.”
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“Expiring 2025 provisions, state and local tax deductions. Now those of you from high tax states, you're giddy. The deduction right now is…”
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“Expiring 2025 tax provision, child tax credit, and credit for other dependents. Right now you get a couple thousand dollars and it phases…”
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“Current status, you get $500 per dependent. It's gone. That's gone.”
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“Current status, 100% of first year's bonus deduction through 2022.”
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“In the budget they just dropped, they did actually put out money for the Medicare trust fund but there's nothing there for Social Security.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 21:36-21:45
“In eight, nine years, Social Security trust fund you get a 25% cut.”
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“If you're an average working couple in America that's $17,400 cut, you double senior poverty.”
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“The first year the shortfall is $616 billion.”
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“Raise the cap on $400,000 and up and you only cover about a quarter of this.”
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“US Fertility rates have collapsed again. So we're down to like 1.63.”
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“In 15 years the United States has more deaths and births.”
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“We no longer think this number is $116 trillion deficit in 30 years. We now think it's closer to 130.”
'A Scam': David Schweikert Lays Waste To President Biden's Newly Announced Budget | Uploaded March 17, 2024 | 25:23-25:30
“100% of the borrowing from today through the next 30 years. Interest, health care costs, Medicare.”
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“Obesity, taking on diabetes, being 33% of all health care spending in this country.”
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“We're actually now 6, 700 billion dollars more in borrowing.”
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“At the end of the decade, we're going to be well over $48 trillion [in debt].”
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“We're clicking off a trillion dollars about every 125 days.”
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“We're supposed to be working on the 2025 budget.”
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