John Spratt: “There are certain items in the budget that are obligatory. Clearly, one of those obligatory items is interest on the…”

“There are certain items in the budget that are obligatory. Clearly, one of those obligatory items is interest on the national debt. We have a sovereign responsibility to pay it, and if we do not pay it or if we ever default in payment of it, the cost of credit for the United States of America would skyrocket. Consequently, that comes first, has to be paid, and when it has to be paid, then other things have to yield to it, education, the environment, the basic operation of the government. These other things have to yield to the payment of interest. Obviously, the more debt you stack on top of debt, the more interest we will have to pay.”