Senator David Perdue Sounds Alarm On Debt Crisis & Increased Interest Payments
Rate hike amounts to billions in new interest owed on national debt
WASHINGTON, D.C. – U.S. Senator David Perdue (R-GA), a member of the Senate Banking and Budget Committees, comments on the Federal Reserve raising interest rates for the second time this year:
“It’s time Washington finally comes to grips with the reality of this $21 trillion debt crisis. Today’s quarter point interest rate hike could add as much as $50 billion of new interest on our national debt. If interest rates return to their 30-year average of five percent, the federal government will owe $1 trillion in interest every year. That’s impossible to manage given our current financial situation, not to mention with 10,000 baby boomers retiring every day. Congress must deal with this debt crisis now, or we’ll lose the ability to do the right thing and fund priorities like our veterans and national defense.”
Senator Perdue is the only Fortune 500 CEO in Congress and is serving his first term in the United States Senate, where he represents Georgia on the Armed Services, Banking, Budget, and Agriculture Committees.
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