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Small rise in interest rates could cost taxpayers $1.3 trillion, David Schweikert warns
David Schweikert warns that a 40-basis-point move in interest rates, although seemingly minor, could have significant financial implications.
He states that if such a change persists, it may lead to an additional $1.3 trillion that U.S. taxpayers will need to cover over the next decade.
Schweikert has previously cautioned that Washington is borrowing new money to pay interest on existing debt, raising questions about fiscal sustainability in the U.S. according to a past statement. A separate market observation noted that Greece has been able to issue 10-year bonds at lower costs than the U.S., pointing to shifting conditions for government borrowing in sovereign debt markets. These comments come as attention sharpens on the long-term impact of changes in interest rates on government finances.
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