On the recordFebruary 5, 2007
That is a tax on everyday Americans. When you increase the national debt to that extent, and we are talking trillions of dollars, not even billions of dollars, that adds to the cost of every American's mortgage, for example. Interest rates go up. If you have a house that is $200,000, you are going to be paying between $1,500 and $3,000 more every single year as a result of the interest rates going up because we have to pay for that debt. When we have $400 billion of this budget that is dedicated to reducing the national debt or paying the interest on the national debt, that reduces all of our ability to meet our needs at home, because that increases interest rates and we all have to pay for that.
Source
govinfo.gov
