It is roughly 7 percent of this number, so the Federal Government is spending about $330 billion every year. Roughly $1 out of every 6 that the United States Government spends is to pay nothing but interest on this Federal debt. We should remember a good part of this debt is held by people in foreign countries, which means we are really collecting tax dollars out of working families' paychecks out here in Washington, and then we are paying that interest out to foreign entities who hold a good portion of this debt.
Mark Neumann: “It is roughly 7 percent of this number, so the Federal Government is spending about $330 billion every year. Roughly $1…”
Editor's note · Context
Discussing the impact of federal debt and interest payments during a floor speech.
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