We're borrowing 7.3 this year. In nine years we're borrowing 9% of the entire economy. Understand what this means? That would be reduced spending this year. So We're going to spend what, 7, 7.3 trillion this year? You'd have to reduce federal spending by 1.4 trillion to get down to 3% borrowing. The vote we're going to have in the next day or so on the first part of the rescissions package covers 28 hours of borrowing for a whole year. (31:25–31:30)
CLAIM
Asserts that U.S. federal spending is projected to be $7 to $7.3 trillion this year.
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