Scrap Iron, the interest being low cannot last. But that is what Obama means about the debt not being an immediate problem.
Off the top of my head, I believe the Defense budget is near 700 Billion. The interest on the debt is presently, with the extremely low rate, about 400 Billion.
A 1% increase of the interest will make the interest payments as large as the Defense budget. Soon, the Defense budget could disappear and no one would notice, the other expenses being so large.
I saw the Home Depot CEO on Cavuto and he said his employees were shocked, SHOCKED to find their paychecks were smaller!!! I guess only you and I have actually been awake!!!