By Dan Conti
Morehead, KY – Senator Rand Paul says as bad as the nation's debt problems are, they could be a lot worse. The Kentucky republican says it's fortunate that the country's credit card still has a low interest rate:
"We're paying for our debt at historically low interest rates. Bout two and a half percent. But many of us have lived through a time when interest rates were much higher. The historic average is over five percent. If interest rates go back to the historic average we will be swamped in debt."
If the interest rate was kicked up to five percent, Paul says it would cost the US another five trillion dollars over ten years. The senator says that's why it's critical that there be significant cuts in spending, caps on entitlements and passage of a balanced budget amendment.