I agree that we're running some very large deficits. How would you reduce the deficit? Well, first of all, let's talk about the magnitude of this crisis. We've racked up more debt in the last three and a half years. In our country's 1st 230 year history, our total debt is now $35 trillion. The interest cost on our debt is a trillion dollars a year. That means it's bigger than our Defense Department budget. And within one year they say it may be bigger than the cost of Social Security. (19:12–19:22)
CLAIM
Asserts that the U.S. has accumulated more debt in the last three and a half years than in its first 230 years, totaling $35 trillion.
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