This would mean serious economic harm for Americans in the form of higher interest rates, less money to support critical federal services, and slowed economic growth. The Government Accountability Office says that in order to close this fiscal gap, we need to increase our revenues by 25% while reducing our spending by 20%. And we need to do that each and every year for the next 75 years. Our nation's leading economists are telling us point blank we simply do not have time to waste. (02:52–03:05)
CLAIM
Asserts that the GAO recommends increasing revenues by 25% and reducing spending by 20% to close the fiscal gap.
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.
