Angie Craig: “The gross Federal debt now tops $5 trillion--that is more than $19,000 for every man, woman and child in this country.…”

“The gross Federal debt now tops $5 trillion--that is more than $19,000 for every man, woman and child in this country. The gross interest payments this year are around $344 billion. That $344 billion in interest payments this year amounts to $1,300 for every American. In other words, the average American household will pay $3,400 in taxes this year, not for roads or education or defense, but to pay interest on past Federal debts. Gross interest payments this year will be equal to 54 percent of all the individual income taxes collected. Gross interest payments on debt will be just $4 billion less than what we will spend on the entire Social Security bill for the year; $77 billion more than we will spend on all domestic discretionary programs put together; $79 billion more than we will spend on defense, the second largest Federal program; $145 billion more than all Federal means tested poverty programs put together; $148 billion more than we spent on all Medicare, the third biggest Federal program.”