"U.S. Debt Payments Soar, Budget Deficit Widens to $1.7 Trillion"
The U.S. government's payments on its debt have nearly doubled in the past two years, reaching $659 billion this year, as the nation's fiscal imbalance and the Federal Reserve's rate hikes have increased the cost of borrowing. Economists argue that these interest payments are economically wasteful and could be better spent on more productive areas. If interest rates remain elevated, debt payments could become the second-largest federal program within three years. The Congressional Budget Office projects that payments on the debt could reach $10.6 trillion over the next decade. However, some economists believe that the risks posed by higher interest payments are overstated, as the U.S. government continues to attract purchasers of its debt and inflation eases.
- U.S. payments on debt spike to $659 billion, nearly doubling in two years The Washington Post
- The Federal Deficit Is Growing. This Is Why. The New York Times
- U.S. budget deficit jumps 23% to nearly $1.7 trillion as Social Security, health costs rise Yahoo Finance
- US Budget Gap Widened 23% During Year on Rate Rise, Revenue Drop Bloomberg
- Treasury Report Shows $1.7 Trillion Deficit The New York Times
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