For every 1% increase in the financing costs of our federal government, that's another $160 billion. So if we go back to where we have been financing our debt for the last 20 years at If we go back to where we have been financing our debt for the last 20 years at 5.5%, you are going to take the interest payments, just the interest payments on our debt over a trillion dollars. every single thing in our budget. It will crush everything out. And then you load on the entitlements and the facts. We haven't done accrual accounting. We are bankrupt, fundamentally bankrupt. (50:19–50:25)
CLAIM
Asserts that returning to a 5.5% financing rate would increase interest payments to over $1 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.
