Share
Getting your Trinity Audio player ready...
|
The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation’s widening fiscal imbalance and the Federal Reserve’s rate hikes dramatically raised the federal cost of borrowing.
Because the federal government spends more than it collects in tax revenue, the Treasury Department issues new debt to cover the rest of its payment obligations. That debt must be repaid with interest — costs that grow as the debt grows. And as the central bank has raised interest rates to cool inflation, the borrowing costs to the U.S. government are also way up.
This year’s sum was almost twice as much as two years ago. The government spent $476 billion paying off the interest on its debt last year and $352 billion doing so in 2021.
Read more at The Washington Post
RELATED TOPICS:
Average Rate on a 30-Year Mortgage in the US Rises to Highest Level Since July
2 hours ago
Cutting in Line? American Airlines’ New Boarding Tech Might Stop You at Now Over 100 Airports
2 hours ago
MLB Will Test Robot Umpires at 13 Spring Training Ballparks Hosting 19 Teams
2 hours ago
Jussie Smollett’s Conviction in 2019 Attack on Himself Is Overturned
3 hours ago
How About an Honest Conversation About the Range of Light Monument Proposal?
4 hours ago
UConn Coach Geno Auriemma Breaks NCAA Wins Record With 1,217th Victory
5 hours ago
Newsom Gaslights on Potential Gas Price Hikes in Fresno Visit