Surging costs of US debt
In 2022 the amount the US government has to spend on servicing debt surpassed spending on national defense.
- US annualized debt interest payments crossed $1 trillion in October, according to Bloomberg's analysis.
- The cost of debt has doubled in the past 19 months as federal deficits balloon.
- High interest rates have made borrowing more expensive, adding pressure on US debt.
- The estimated annualized interest payments on the US government debt pile topped $1 trillion at the end of October 2023.
