OUCH! US debt interest bill rockets past a cool $1tn a year. It’s 4% of annual US GDP. It has doubled in 19 months. It is equivalent to 16.3% of the entire Federal budget for fiscal year 2022

 

US Debt Interest Bill Rockets Past a Cool $1 Trillion a Year

• Higher costs may reignite debate about the US fiscal path
• Rise in issuance from 2020 will also need to be refinanced: BI

The US Treasury building in Washington, DC.

Photographer: Nathan Howard/Bloomberg

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By Ruth Carson and Mark Cudmore

November 6, 2023 at 10:50 PM PST

Updated on 

November 7, 2023 at 9:18 AM PST