in hot springs, arkansas, for congressman tom mcclintock. good morning. >> caller: yeah, good morning. congressman, you were talking about the interest rate when you first came on, and i think you said you thought it might go to 8% inht can you imagine what the interest on the national debt would do if you raise the interest rate to 8%? >> guest: it's as 8 promom calcr but you forget that's what paul volcker ultimately had to do. we had double-digit interest rates in order to quell the carter inflation. again, thisle is just basic economics. but you're with absolutely right about the debt. >> caller: paul volcker did not have a $30 trillion national debt when he was in the federal reserve. it was a minuscule amount back then. he raised rate, he raised the national mint, quadrupled it, but, of course, it was still small. >> guest: yeah. >> caller: volcker could cothat and get away with it. powell, if he raises it to 8%, you wouldn't have enough money left to pay social security probably or anything. so it's not realistic. >> guest: yeah, your

we will be joined next by tom mcclintock. we will talk about the economy and more with tom mcclintock and a little later mark takano will talk about his legislation about veteran suicide and other legislation that helps our nations bets. -- nations vets. >> book tv, every sunday on c-span2 features leading authors discussing their latest nonfiction books. at 11:55 eastern new york's times lisa miller talks about alexandra alexandria ocasio-cortez'entrance into politics. watch book tv every sunday on c-span2. find a full schedule on your program guide or watch online anytime at book tv.org. the january 6 committees public hearings continue as they release evidence gathered in their hearings. watch today as then president jump may have pressured then vice president princes president biden's election. watch on c-span three, c-span now or anytime online at c-span.org. you can also visit our website c-span.org/january 6 to watch previous hearings and other videos related to that day. c-span, your unfiltered view of government. c-s

. >> coming up on "washington journal," republican representative tom mcclintock joins a discussion on gun violence reform and the january 6 investigating hearings. then representative mark takano talks about veterans issues and the january 6 committee investigation hearings. be sure to join the conversation with your calls, texts, and tweets. >> we had the fed understand the hardship high inflation has caused. we are strongly committed to bringing inflation back down and we are moving expeditiously to do so. we have the tools we need and the resolve it will take to restore price stability on behalf of american families and businesses. host: federal reserve board chair jerome powell yesterday after the fed voted to raise interest rate 5.75%, the largest hike in -- interest rates by .75%, the largest hike in 30 years. it is as interest

. >> host: congressman tom mcclintock joins us here on the program, republican of california, memberthe budget committee also the, on the judiciary subcommittee, on the constitution and civil rights. lots to talk about this morning, congressman, welcome to "washington journal." let's start with, first of all, the fed's move yesterday raising that interest rate to try to help battlen nation. what did you -- inflation. what did you think about the move and the efforts so far by the biden administration in. >> guest: first of all,ra the fd did what they had to do. the rule of thumb is that the fedd rate's got to be at least that of the inflation rate to begin

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i don't call for it, i don't call the $30 trillion of debt, debt, i call what tom mcclintock, it's a deferred tax on our children and pass these bills these costs that there will be a pay-day ska and as a public debt is a public occurs. we aren't giving them the quality of life second to no other nation in society and the world and in the history of the world and yet to do something and this off the cliff is to occurs them. indeed it is to occurs them as james madison said. and another new member of congress but not new to public service is peter and serve on homeland security and we appreciate his deep concerns and convictions on this issue facing this country. >> thank you madam sperring. i i was in middle school and it showed or debt. colors 5 trillion in the last two years and facing the pandemic and those were days and reacted in good faith and yet, the good faith became a good to keep spending and keep going and that catches up. inflation we are experiencing has many fathers. you have the challenges of unwinding over a unquantitied easing and we have the american rescue plan th