David Perdue: “since 2001, the Federal Government has exploded in constant dollars from $2.4 trillion in 2000 to last year almost $3.9…”

“since 2001, the Federal Government has exploded in constant dollars from $2.4 trillion in 2000 to last year almost $3.9 trillion in costs. Those are constant dollars. In September of this year, just a few weeks ago, our national debt surpassed $20 trillion for the first time, and no one in Washington blinked an eye. If that is not enough of a wakeup call, this debt is projected to increase over the next 10 years, according to the budget we are operating under now, by another $11 trillion. If that is not enough, over the next 30 years alone, it is projected that over $100 trillion of future unfunded liabilities--Social Security, Medicare, Medicaid, pension benefits for Federal employees, and the interest-only debt--are coming at us like a freight train. These are unfunded liabilities. Today, with $20 trillion in debt, we are only paying about $270 billion every year in interest only. I say that because just in the last year, we have seen four increases in the Federal funds rate, which fundamentally increases our interest by 100 basis points. That 100 basis points over the next few years will grow our interest on the debt by more than $200 billion on top of the $270 billion. By the way, today that is almost 25 percent of our discretionary budget, already, just at the $270 billion. If it doubles, it will be almost half of our discretionary budget.…”