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This is bill hoagland of the by paulson part of the center to talk to you about the effect of debt on the federal budget in the next many years. Thank you for giving us your time. Glad to be here. Looking out 30 years, what is the potential when it comes to the debt in the United States . The total amount of debt will continue to grow. A lot of factors involved in that. These are all projections that could be off, but generally because of the demographics of the changes in the way we are an aging population and the fact that we pay a lot in terms of medicare and Social Security benefits will continue to grow. As a consequence, along with just paying the interest on accumulating debt itself means we will be looking at the possibility of the debt to what we call the debt to the level of government growing to what it is today which is at a historic high, around 78 of gdp, well o ....
Would think about what we are doing with our military . Soldiers want to serve in the military, et cetera. Guest first of all, in terms of our federal spending for national security, which is part of the constitution and thatction of our country, is probably about 15 , 12 to 15 of total spending. The total number of entitlements , in terms of Social Security, medicare, medicaid and paying the interest on public debt that has to be paid, we are talking about 70 . Theres a difference here. You could reduce defense spending. Its not something popular right now. The president has asked for an increase in defense spending as well as there seems to be consensus in the congress there should be an increase in defense spending relative to where we are today. Even though the uncertainties. Im not disagreeing with you or suggesting we shouldnt look for finding where there is waste abuse or whatever, unnecessary spending in defense and nonde ....
Of factors involved in that. These are all projections. Generally because of the demographics and the changes in the way we are an aging population in the fact we pay a lot in terms ofs medicare and Social Security benefits will continue to grow. As a consequence along with paying the interest on accumulated debt itself means that we would be looking at the possibility of the debt to what we call debt to level of the government growing from where it is today which is at a historic high around 78 percent of gdp well up into the 100 a 150 percent over the next 30 t 40 years. 144 percent by 2049 or so. Right. Thats historically very high of course. We like to think that will not happen but if it should happen it certainly is something unprecedented in terms of the countrys history. If you had to make a list of the drivers of this debt what would you put on top of the list . I would say in the near term if the entitlement, the spendi ....
To Work Together for the countries that problem. This hearing is two hours and 15 minutes. [background noises] the hearing will come to order. Todays hearing will examine the need for a fiscal plan. We will hear from former colleagues who have been through these battles and lived to talk about them. Extra special to have my mentor and friend steve who i am now literally serving as chairman and the shadow of his beautiful portrait behind us. And so it is an honor to have you back here in your chamber. Sender rob portman, ambassador portman is from ohio. We are delighted that you are here. He was a member of the bipartisan bicameral Super Committee established by the budget control act of 2011. He also served as director of omb during the Bush Administration which is where i got to know him. He has given a lot of thou ....
This Committee Hearing is 2 15. The hearing will come to order. Todays hearing will examine the need for fiscal or Debt Commission and hear from a panel of experts including current and former colleagues that have been through these battles and lived to talk about them. In fact, its a little extra special to have my mentor and friend steve womack who i am serving as chairman in the shadow of this beautiful portrait behind us and honor to have you back here in your chamber. Senator rob portman, ambassador portman is from ohio and delighted that youre hear. And he was a member of the bicameral Super Committee established as part of the budget control act of 2011 and served as director of o. M. B. During the Bush Administration which is where i got to know hi ....