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David Schweikert: “We're heading towards borrowing about 2.8 trillion.”

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 12:35

You know, you get rid of all $965 billion in non defense discretionary. So there's no park service, no FBI, there's none of this. It's all gone. Well, We're heading towards borrowing about 2.8 trillion. You don't get anywhere close to balancing the budget and that's getting rid of almost everything you think of as government. There seems to be this unwillingness to understand the scale of the borrowing. (12:35–12:39)

CLAIM

Asserts that the U.S. is projected to borrow approximately $2.8 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

“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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“Today the two year note went over 5.05%.”
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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.”
'This Is Immoral': David Schweikert Issues Dire Economic Warning To House Colleagues | Uploaded April 30, 2024 | 08:47-08:58
“Social Security trust fund has been emptied out and seniors are about to take a 25% cut.”
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“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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“Our borrowing is higher during the peak than the peak of the pandemic.”
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“Today's debt to GDP is dramatically higher than it was back then [in the 1990s].”
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“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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