David Schweikert: “I am going to try to walk us through a couple simple concepts that require really complex math, so wish me luck here.…”

“I am going to try to walk us through a couple simple concepts that require really complex math, so wish me luck here. Last week, and the week before that, I came here and tried to walk through a concept of how fragile we are because of our borrowing, the amount of insatiable borrowing we go through. I made a sarcastic comment that happens to have the benefit of being almost true that the bond market is the one that pretty much will run this country. I actually can prove part of my thesis. Last week, because we made it a couple weeks without looking like a clown show, we got some decent inflation data. The movement in the U.S. debt market on our interest rates coming down, if you annualize that, do you realize it is more than every dime of foreign aid? I need you to think about this for a moment, just those ticks. When a single basis point--remember, 1 percent of interest is one one- hundredth of a point of interest. One tick is about $800 million a year. Whether this place likes it or not, when we tell the world we are not serious about leading the world, when we don't look serious that we are going to be the country that defends the reserve currency of the world, when we don't look like adults, we pay a price. Many of the folks here, you get your 5 minutes of theater, and then we add hundreds of billions of dollars of additional interest. I am going to show you charts here where we are approaching $1.2 trillion in interest this year.…”