‘Interest payment on national debt is now the largest federal expenditure’… Federal Deficit set to double this year to $2 Trillion…

The federal deficit is expected to nearly double this year, from about $1 trillion last year to $2 trillion for the fiscal year ending Sept. 30

Why it matters: There’s no precedent for deficits this large, as a share of the economy — outside war, deep recession or pandemic.

• The WashPost’s Jeff Stein reported Sunday on the stunning projected figure from the Committee for a Responsible Federal Budget.

Between the lines: Such huge spending imbalances contribute to high interest rates for consumers — including mortgages — in the short run.

https://www.axios.com/2023/09/04/federal-deficit-double-despite-economic-growth