Bill Clinton is sounding the alarm on the debt

Former President Bill Clinton has renewed his warning about the importance of reducing the federal deficit before inevitable interest rate hikes push the nation into a debt crisis with profound, long-lasting consequences.

“If interest rates were the same today as they were when I was president, the payment on the debt, that is, what the taxpayers have to pay every year, the financial debt (payments) would go from $250 billion to $650 billion a year,” Clinton warned on CBS’s Face the Nation Sunday.

Congress and President Barack Obama, he said, “can't let that happen” – so they must strike a deal on reducing deficits and debt.

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