Our debt to our GDP is now over 120%. So what do these numbers all mean? It means that government spending is going to start crowding everything out. The second largest expenditure by the federal government today now is just the interest cost on our debt. It's a bigger expenditure than our entire Defense Department. And if we continue down this path, we will no longer be able to float that debt at some point or it will cost us significant amounts more in higher interest rates. (01:03–01:12)
CLAIM
Asserts that interest on debt is the second largest federal expenditure.
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