The Growing Burden of Old National Debt

Source: Independent Institute
by Craig Eyermann

“Although the debt ceiling debates, like the one currently taking place in Washington D.C., are nothing new, there is something unique about this one that makes it more of a cause for concern than the ones that came before. That something is the escalating cost of financing the U.S. government’s outstanding debt. … Interest payments on the national debt have become the fastest-growing category of government spending. But is $232 billion a big number in terms of the U.S. government’s other spending? It is when you compare it with the biggest discretionary spending category in the U.S. government’s budget.” (05/15/23)