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David Schweikert: “Today the two year note went over 5.05%.”

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

'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues

Published April 30, 2024 | Video Starts at 02:13

When you have to borrow 2, 3 trillion a year, when you have to refinance several trillion a year, don't make the bond markets upset about with you as of today. Today the two year note went over 5.05%. So we're not there yet, but we're almost to last year's highs. It's the highest this calendar year. (02:13–02:21)

CLAIM

Asserts that the two-year U.S. Treasury note interest rate exceeded 5.05%.

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

“GDP now from the Atlanta Fed and others had their math wrong. We got an update... it looks like we're about 1.6%.”
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“We've already had a couple bond auctions in the last 12 months that were under subscribed the way we thought they would be.”
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“Interest this year... you're approaching 1.2 trillion. This calendar year, excuse me, this fiscal year.”
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“The markets price US debt higher, meaning they consider it more risky.”
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“United States right now pays higher interest rates on a 10 year bond than Greece, [and other countries].”
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“We're borrowing about eight and a half billion dollars a day.”
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“Thirty years from now, 100% of that borrowing interest healthcare, almost all Medicare.”
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“Social Security trust fund has been emptied out and seniors are about to take a 25% cut.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 09:00-09:07
“We've borrowed over 9% of GDP, the running average I think for this fiscal year.”
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“We only get to vote on about 25, 26% of the budget.”
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“We're heading towards borrowing about 2.8 trillion.”
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“Our borrowing is higher during the peak than the peak of the pandemic.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 13:39-13:43
“Today's debt to GDP is dramatically higher than it was back then [in the 1990s].”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 14:37-14:45
“This quarter we're going to have to borrow about 41 billion more than we expected.”
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“This year a little under $10 trillion will come to market. That's the stuff we have to refinance.”
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“We're already modeling right now approaching 1.2 trillion in interest this fiscal year becoming the second biggest expense in US government.”
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“United States is probably going to have more deaths than births [in] 15 years.”
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“United States now has lower births fertility rates [than] much of Western Europe.”
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“We have 13 countries in the industrialized world that have cheaper 10-year bonds than we do.”
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“Our bond rates are higher than 13 other industrialized countries.”
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“The IMF is worried about us and our scale of borrowing.”
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“United States and China are the two big economies sopping up much of the world credit.”
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“Interest in health care are our primary drivers [of spending].”
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“Obamacare was a financing bill. Medicare for all is a financing bill.”
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“Last Friday they recalculated, put out the official calculation. It may get updated one or two more times, but the first quarter fell down…”
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“We see deficits reaching 14% of GDP in 30 years.”
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“Our spending at 31.9% [of GDP].”
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“The biggest tax in modern history have been the last three years of inflation.”
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“If you don't make, I think it is 23.6% more than I believe the day President Biden took office, you're poor today.”
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“Since January 2021 when Biden took office, you're 2.7% poorer.”
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“The Pentagon is unauditable, okay? They can't audit it.”
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“A couple of the biggest and a couple small ones, audit companies, CPA companies, compliance companies, have come up with audit AI.”
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“You could use AI to audit the Pentagon.”
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“You could use AI to look for fraud in Medicare, Medicaid, and other programs.”
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“There's been an experiment...when you called the IRS during this tax season, there's a very good chance the individual you were talking to…”
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“I believe we only have three to five years to embrace the disruption.”
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