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David Schweikert: “Interest will be 1,143,143.6 trillion.”

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 11:00

And I got some crap for it. How can you say that? Well, you'll be happy to know that yesterday the treasury announced no, Schreichert was wrong. Interest will be 1,143,143.6 trillion. I underestimated it. And if you saw what interest rates did this week with the higher inflation data, the number is going to go higher. Understand the hierarchy right now. (11:00–11:13)

CLAIM

Asserts that U.S. interest payments are projected to be $1.143 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

“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.”
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“Every dime you as a member of Congress vote on is borrowed.”
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“$800 billion of Medicare is borrowed.”
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“We're borrowing $100,000 a second.”
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“Social Security is going to spend 1,450,000,000.”
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“Medicare spending will be 22% of all income tax, all corporate taxes [in five years].”
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“Medicare spending is up 10% this year.”
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“The Transportation trust fund, the Medicare Part A trust fund, the Social Security trust fund, all are gone this decade.”
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“CBO will be updating all these numbers because it turns out interest has gotten more expensive.”
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“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.”
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“In nine budget years you're going to have 60, 62 trillion dollars of borrowing.”
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“The president's budget in nine budget years has us at 70 trillion [dollars].”
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“In my district we've had the highest inflation in the continental United States.”
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“If you do not make 23.6% more money today than you did the day President Biden took office, you are poorer.”
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“Interest now is the second biggest expense in our government.”
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“In a few years actually Medicare even passes Social Security and total spending.”
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“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.”
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“For that growth you only get 17, 18, maybe even 19% of that in tax receipts.”
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“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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