When the US borrows money, just like any borrower, it needs to pay its loans back with interest.
The national debt right now is $34 trillion and rising. Soon, America will need to spend more each year paying interest on the debt than it spends on national defense.
Phillip Swagel, director of the Congressional Budget Office, and Bloomberg reporter Liz McCormick join the Big Take DC to discuss the US government’s debt spiral, and what it would take to rein it in.
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