"Like many Americans, the federal government is shelling out a lot more money to cover interest payments on its debt after a series of Federal Reserve rate hikes over the past year.
The Treasury Department paid a record $213 billion in interest payments on the national debt in the last quarter of 2022, up $63 billion from the same period a year earlier."
https://www.cnn.com/2023/02/14/politics/interest-payments-federal-debt/index.html
"It's a dangerously addictive habit that threatens to ruin our children's lives and undermine America's national security—and this week Congress finally acknowledged as much, although it remains unclear if lawmakers have the guts to do anything substantial.
No, I'm not talking about TikTok. I'm talking about the $34.6 trillion national debt.
The Senate unanimously approved a resolution on Wednesday calling the debt "a threat to the national security of the United States" and calling expected future budget deficits "unsustainable, irresponsible, and dangerous.""
https://www.yahoo.com/news/national-debt-national-security-issue-175024967.html
"Meanwhile, annual interest payments on the national debt have skyrocketed. In 2020, yearly interest payments on the national debt cost the U.S. government approximately $527 billion—not a small sum. By 2024, that figure had increased to $875 billion.
In 2025, it is estimated the U.S. government will fork over nearly $1 trillion in interest payments on the national debt with that number exceeding $1.6 trillion annually by 2035. And, remember, that is if no new spending programs are initiated between now and then. In fact, it is estimated the U.S. government will spend $12.5 trillion in interest payments on the national debt over the next decade alone."
https://heartland.org/opinion/annual-interest-on-national-debt-now-eclipses-entire-military-budget/
No, I'm not talking about TikTok. I'm talking about a national debt of $34.6 trillion. Well said.
On January 19, 2023, the US national debt reached the ceiling, which was last set in 2021 at $31.4 trillion. The situation itself was not extraordinary: usually Congress simply approves another increase in the limit, and history continues. This has happened dozens of times in US history.
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