Jason Chaffetz: Biden's 'free money' policies have loaded US with debt. Will interest rates take a hit next?

While Washington, D.C., continually talks about new, additional spending, the question we should be asking is, how do we even pay for old spending?

While both sides are certainly culpable for unfunded spending in recent years, President Biden's new spending proposals make previous annual budgets look like pocket change. But it's not just the spending that threatens to undermine our future prosperity. It's the interest that could send us over the edge. The only way out is for the public to demand and reward spending restraint.  Nobody wants to talk about the tradeoffs associated with a $28 trillion debt. But at today's rock bottom interest rates, we've been spending close to $400 billion a year in interest on our debt. In April and May this year, we paid more than $1.5 billion EACH DAY and the numbers are rising.