Cynthia Lummis: “In May of this year, we issued some Treasury bonds, and the sale was undersubscribed, which means there were not enough…”

“In May of this year, we issued some Treasury bonds, and the sale was undersubscribed, which means there were not enough countries or individuals who purchased U.S. treasuries, our debt, at the price at which they are being offered, which means that pretty soon we are going to have to raise the interest rates that we are willing to pay people who purchase our debt. When we have to raise our interest rates, that means that we are paying more in interest on the debt every year. That crowds out private investment from our economy. That makes it more difficult for the private sector to create the jobs that were on this chart earlier. That is part of the death spiral that we have been talking about.”