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FNC’s Brett Baier on the government’s rising spending compared to the revenue it takes in.
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-- turning out -- arguably the biggest problem our government is facing right now complete and utter out of control over us today.
There is just no way to sugar coated every day in the month of November our government took it -- a little more than five billion dollars in revenue.
But and we spent eleven billion dollars in exchange leaving us with a gaping Paul.
Six us today -- fox news's Bret Bair is reporting eight -- part series are -- beginning tonight on special report he's here to shed.
Some much needed light on some really staggering statistics Bret thank you for coming back to the show.
-- this great report because this is -- don't know what is -- we're not even close to closing this enormous hole what did you find in your reporting.
It's pretty made.
You know as we talked to economist sweet talk to politicians on both sides of the aisle we talked to all kinds of people for this five part series.
And we break it down really simple math we start out with as you started what the government brings in per day.
Five billion dollars in revenue the government spends the federal government spends eleven billion the differences six billion dollars he ask everyone.
How can and federal government continue to do that.
Well as simple.
It can't.
Now we go through the breakthrough of what exactly the federal government is spending the money on.
And the last bucket that the federal government spends it on it's the smallest.
But it's perhaps the most ominous is 854.
Million dollars a day.
On interest on the debt 854.
Million dollars a day on just interest we don't get anything for that.
This is interest on the sixteen trillion dollars more than sixteen trillion dollars in debt.
Now that's with historically low as you know interest rates if interest rates -- -- up up at all even in the slightest bit.
Then all of the people we talked to say that these different sectors including the federal government.
Are really going to have a hard time paying the bill.
-- -- -- -- I -- character but I just I I always think about a household at this point and if you work.
Taking in this much money every day and then spending that much more.
And the interest on your credit cards were that high.
You go insane with worry because you would realize that you were just driving yourself into certain bankruptcy.
When I say that to people and economists say -- -- it's not the same thing do you buy that is that what people said you it's it's not it's not a worry don't worry.
Now everybody we talked to and I'm talking.
Die hard Democrats and that you know.
Every kind of political stripe.
I economists of all flavors.
Said listen this there's it's simple.
-- it is unsustainable.
-- the path that we are currently on.
Is unsustainable.
And no matter your party no matter your ideology now there are different fix is -- there are different ways in different numbers that.
You know how much you bite off now and what programs you take.
And and really tackle.
At the front end but it's a huge huge issue to turn this federal government.
If you look at has an aircraft carrier you have to start turning it.
Now in order to getting it going in a different direction.
By the time.
-- the number -- be totally unsustainable.
And it's not even really possible to raise enough revenue.
To close that gap I mean you can't you say that difference in between -- is five billion a day.
You know if were only if they're only taking in six billion you can't basically double.
The amount of revenue that's coming -- you you can't squeeze the stone not much it's not possible is.
Red banner head but -- -- one quote it's like -- irresponsible brother in law runs of this credit cards and goes bust and says the real problem.
Is because you stop sending me checks you know it's crazy that irresponsible I mean we've become a kind of debtor nation.
That this mentality is if we can only squeeze more money out of people who are working working honestly earning their living there we could solve this problem that's.
Obviously from Arthur Brooks at AEI he has a thought process about this.
A from a taxes perspective but if you look at the spend it.
Yeah it is a massive massive problem -- lay it out in five parts all -- special report.
I can't wait to see it all comes back to these fiscal cliff talks as well.
I've got to ask you because you were right at the source we have our money meter we're gonna force you can play along here -- a scale of your want to money.
What do you think the odds are that we're gonna get a deal done here on the fiscal plant.
I'm going with two.
Real.
OK and that's.
I think that's Republican's name.
Get to the point where they just you know sign the tax deal they give you two bills.
And name they.
Move forward that John Boehner could.
Make a deal.
But the trouble is getting to 218 votes in his chamber in the house I don't think he can get there.
Interesting -- prepare we look forward to that report thank you so much for sharing -- -- staff.
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