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The cbo earlier this year of how higher interest rates would effect deficits in the next ten years. if ten year treasury notes stay at the baseline average of 5.2%, a one year payment on just the interest on the national debt will rise from 243 billion in 2014 to a one year payment of $857 billion by 2023. now, if interest rates were to stick to their averages in the 1990s, when rates on ten year treasury notes averaged 6.7%, the additional costs would be a little over $1 trillion in 2023. but take a look at this. if interest rates were to rise to the averages from the 1980s, when the rates on...

$6 trillion of debt in four years. so we are at a very critical path and what is difficult for people to understand is the acceleration of interest payments. the president's perspective is as long as we can make our interest payments we are doing fine but the challenge is right now we pay $224 billion a year just in interest. cpo estimates within ten years we will pay $857 billion in interest. that is more than we paid for the entire war in afghanistan across 12 years. we will pay in one year just in interest payments within ten years. this is very serious. we do have to deal with this. >> mik...

$6 trillion of debt in four years. so we are at a very critical path and what is difficult for people to understand is the acceleration of interest payments. the president's perspective is as long as we can make our interest payments we are doing fine but the challenge is right now we pay $224 billion a year just in interest. cpo estimates within ten years we will pay $857 billion in interest. that is more than we paid for the entire war in afghanistan across 12 years. we will pay in one year just in interest payments within ten years. this is very serious. we do have to deal with this. >> mik...

Statement that president bush added 4 trillion in eight years, we're 6 trillion. and what people don't understand is the acceleration of interest payments. the president says as long as we make the interest payments we're doing fine. the challenge right now 224 billion dollars a year in interest. cbo estimates within ten years, 857 billion dollars in interest. that's more than we paid for the entour war in afghanistan in 12 years, and this is just within ten years. this is very serious and we have to deal with it. >> you told the president a story out of the bible in your meeting with him. i'm...

$6 trillion of debt in four years. so we are at a very critical path and what is difficult for people to understand is the acceleration of interest payments. the president's perspective is as long as we can make our interest payments we are doing fine but the challenge is right now we pay $224 billion a year just in interest. cpo estimates within ten years we will pay $857 billion in interest. that is more than we paid for the entire war in afghanistan across 12 years. we will pay in one year just in interest payments within ten years. this is very serious. we do have to deal with this. >> mik...