Oklahoma Congressman says US is running on 'borrowed time' financially

Congressman Josh Brecheen, R-Okla., said that the U.S. is coming very close to hitting an economic collapse as government spending continues to go up. 

"We are running on borrowed time financially before we hit a collapse, whether it's going to be an economic collapse, hyperinflation, people not willing to lend to our treasury anymore ... all these are all going to be great concerns," Brecheen said on the "John Solomon Reports" podcast. 

Congress is expected to pass another short-term Continuing Resolution (CR) that would fund federal agencies through March 8 and 22 to avoid a shutdown.

"Last year, Congress spent the entire year debating 12 appropriations bills that were 100% borrowed money," Brecheen said. "Not a dime that Congress is now debating under their authority of discretionary spending where they set the appropriation levels, is anything that borrowed money now, because mandatory [spending] and interest on the debt is consuming all of it."

Interest on the U.S. national debt is set to exceed the entire defense budget of $822 billion for fiscal year 2024.

"The reason why interest rates are having to go up is the government's trying to compete for people that would otherwise be investing in our economy," he said.