On the recordOctober 2, 2002
In fact, that is true. We now are projected to pay three times the amount of interest over the next 10 years, almost $2 trillion, as opposed to a little more than half a trillion dollars that we were looking at last May of 2001. This is $2 trillion that goes nowhere but out the door, into the pockets of bond holders. It is good for the bond holders, but it means we are not buying any hard assets with the American people's hard-earned tax dollars, whether it is tanks, whether it is more school books, whether it is more health care, prescription drugs. All that is gone because now we are adding debt, not paying down debt.
Source
govinfo.gov
