Senator Tom Coburn (R-OK) believes that unless the U.S. gets its fiscal house in order, the financial and economic repercussions will be severe.
“How long do you think before the United States has a financial meltdown?" the Daily Caller’s Nicholas Ballasy asks.
“Two to five years,” Sen. Coburn responds without hesitating.
“Think about what will happen to us. We have $16 trillion worth of debt right now and we’re paying less than 2 percent on that debt -- that’s 4 percentage points less than our historical average for our debt,” he said, adding that he is confident interest rates will “come back up.”
“In 2022, less than 10 years from now, unless we make major changes that everybody’s saying they know has to be made but none of the politicians have the courage to make, the entire federal budget will be made of only three things: interest, Medicare and Social Security, nothing else,” he added.
Watch Sen. Coburn's interview with the Daily Caller:
According to Sen. Coburn, everyone in the nation's capital knows programs such as Medicare and Social Security are in trouble but no one will publicly admit it.
“[W]hen you will speak something privately but not talk about it publicly, what’s that say about your integrity? That you just really want to win an election rather than fix our country,” Sen. Coburn said.
The senator went on to discuss “the best thing that could happen” for America, the Daily Caller’s Nicholas Ballasy writes.
“Everybody to stand up and say, ‘deal’s off, we’re going to fix the country. We know we’re all going to get fired. It’s okay, let’s go do it.’ That’s the honorable thing except we don’t have much honor here because people are refusing to address the very real problems that will undermine the core values of this country,” Sen. Coburn said.
“There has not yet been a republic that did not murder itself. We are in the midst of committing murder to our republic,” he added.