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David Schweikert: “Interest this year will be about 1.2 trillion.”

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

3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America.

Published May 21, 2024 | Video Starts at 02:55

United States and China right now are consuming much of the world's borrowable capital. Now what drives that borrowing? And this is what makes people really uncomfortable. Interest this year will be about 1.2 trillion. Just the. And that's going to continue to go up and go up and go up because of how much we have to refinance from the previous decade with artificially … (02:55–02:59)

CLAIM

Asserts that the interest on U.S. debt for the current year is approximately $1.2 trillion.

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

“CBO's number congressional budget Office is at the end of those 30 years from now we have 143 trillion and borrowed money.”
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“In about eight or nine years senior poverty will double because the Social Security trust fund will be gone.”
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“In nine years, 10 years when the Social Security trust fund is empty and seniors are about to take a, you know, 22, 23, 25% cut in their…”
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“What the Democrats did in their first two years of the Biden administration when they controlled the government, is this sort of planned…”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 05:26-05:37
“Inflation Reduction act, which is Orwellian name.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 05:36-05:40
“Every dime of defense is unborrowed money. Every dime of non defense discretionary, the Park Service, the epa, the State Department, all…”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 06:54-07:10
“3, 4, $500 billion of Medicare is on borrowed money.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 07:15-07:20
“United States taxes, every single tax will have to have been doubled just to maintain baseline services.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 08:50-08:59
“Tax rates go up next year. It's already the law.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 10:06-10:11
“Almost just slight of $400 billion tax hikes [are coming].”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 10:10-10:19
“For our average family in the Phoenix Scottsdale area, it's probably $1,800 family of four, 1800 dollars in additional income taxes coming.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 10:18-10:32
“We also only believe we have about three to five years to make these changes and then you're in the debt grind cycle.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 12:59-13:08
“People are really expensive in government. It's not only the salaries, it's the healthcare, it's the pensions.”
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“Government workers aren't necessarily productive in the way of growing the economy.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 14:46-14:51
“You could actually crowdsource [environmental data] instead of having the EPA doing some of that.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 15:26-15:29
“Businesses have dramatically less burden [with crowdsourced environmental data].”
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“There's an army of bureaucracies and some lobbyists who battle every time I try to do these types of bills to stop it.”
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“The government regs create contracts.”
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“If you took four people making $400,000 and up, and you did this thing called tax maximization, you can get about one and a half percent of…”
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“What the Biden administration has allowed at our border is waves and waves of very moderate to low skill individuals crossing the border.”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 23:24-23:34
“Primary driver of US debt is our demographics.”
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“In 15 years, the United States has more deaths than births.”
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“For every dollar you put in [to Medicare], our estimates are that a retiree today will get about $5 back.”
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“That right there is the primary driver of US debt.”
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“Every dime of foreign aid is like a week's worth of borrowing.”
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“If you live in the Phoenix Scottsdale area and you're not making 26% more today than you did the day Joe Biden became in office, you are…”
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“One of the greatest threats to our country right now is the bond markets because we have to borrow so much money.”
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“The math is so dystopian that it forces [politicians] to have to think about things that they don't know how to go home and tell their…”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 35:48-35:58
“This is the driver of debt because they want to believe it's not taxing enough rich people or it's foreign aid or this and that, and none of…”
3 Trillion Borrowed. Rep. Schweikert on How A.I., Healthcare & Immigration Reform Can Save America. | Uploaded May 21, 2024 | 36:02-36:12
“The conservative industrial complex, which makes a lot of money on not necessarily telling us the truth.”
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