The interest payments on the U.S. federal debt have been substantial. In June 2024, the U.S. spent approximately $140 billion on debt interest. Extrapolating this over a 12-month period, it’s on pace to exceed $1.6 trillion. These interest costs are projected to rise significantly in the coming years, reaching $870 billion in fiscal year 2024 and climbing to $1.6 trillion by 2034.
US Spent A Record $140 Billion On Debt Interest In June. On a 12 month basis, that is on pace for over $1.6 trillion
30% Of All Govt Revenues are now going towards interest on the national debt https://t.co/cwDhM2kruS
— Wall Street Silver (@WallStreetSilv) July 11, 2024
Sources:
https://econofact.org/the-rising-burden-of-u-s-government-debt
https://www.pgpf.org/blog/2024/02/what-is-the-national-debt-costing-us
https://www.crfb.org/blogs/cbo-releases-june-2024-baseline-update
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