Rep. Buck: Actual national debt is $30 trillion, 'There's no conversation' in D.C. about repaying it
'This troubles me greatly, but all I see is more spending' with 'no conversation in Washington D.C. about how to pay this money back,’ Rep. Buck says
Rep. Ken Buck told Just the News that the national debt is $30 trillion when the actions that the Federal Reserve has taken during the pandemic are factored into the total.
"This troubles me greatly but all I see is more spending. So how high do we get? We are going to continue to spend until the markets say enough is enough and nobody buys the bonds and then we have the cliff that we go off of," Buck said during an exclusive interview.
"So I hope long before then we act responsibly and dial this back. But the reality is that we are at $30 trillion because we've authorized the Fed to engage in, you know, debt, accumulating more debt. And so I think that the spending is one of the largest issues to come out of this COVID. And unfortunately, there's no conversation in Washington D.C., about how to pay this money back," he also said.
The government spent $864 billion more than it took in during June, bringing the deficit to a record $2.7 trillion so far this year.
According to Treasury Department data, the debt held by the public is $20.6 trillion, and the total outstanding national debt is more than $26.5 trillion.
Buck, author of the new book, “Capitol of Freedom: Restoring American Greatness," said he wrote the book, in part, because progressive politicians want to take the country in the wrong direction.
"I don't think that our founding fathers would recognize our political system now," Buck said. "I think that 'Capitol of Freedom' really spells that out because our founding fathers intended to realign the relationship between government and the people and the people are in charge of government and that's something that didn't exist before the United States Declaration of Independence and Constitution."
"This group calls themselves progressives. They are regressives. We are moving backwards. We are moving more and more towards a totalitarian system that existed with a monarchy in Europe or some other country, and it's just unfortunate, but our founders would see so much of what's going on now in this country as contrary to what they planned," he also said.
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