US Faces $660 Billion Interest Payment on National Debt, Warns Fiscal Sustainability Nonprofit

By Lola Coin Jun 27, 202373Views

According to a report by the Peterson Foundation, rising interest rates will cause the US government’s interest payments to exceed half a trillion dollars this year. The report states that the government will make a total of $6.4 trillion in payments, $81 billion more than last year. The surge in payments can be attributed to the Federal Reserve’s aggressive interest rate hikes over the past year, with 10 consecutive rate hikes driving the benchmark interest rate to 5.08%. The foundation predicts that the government will spend an additional $187 billion this year to pay off its growing debt. The US national debt currently stands at over $32.17 trillion and is projected to reach nearly $52 trillion within 10 years.

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