Political Quotes

Nick Smith: “This pie chart shows that currently the interest that we are paying on the debt, servicing the debt, the interest is…”

On the recordApril 21, 2004
This pie chart shows that currently the interest that we are paying on the debt, servicing the debt, the interest is $240 billion a year. This represents 14 percent of the budget. Yet interest rates are almost at record low levels, and so what happens as we increase the debt by $500 billion to $700 billion a year, and interest rates go up, and Alan Greenspan said today that is going to eventually happen, it is going to eat up a bigger piece of that pie. One of these days it has got to come to our obvious attention that something needs to be done to control spending.
Said by
Nick Smith
Republican · Michigan
Source
govinfo.gov

Editor's note · Context

Discussing the impact of national debt and interest rates on the federal budget.

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