The CBO projects that the cost of servicing the national debt will more than double over the next decade to over $1.4 trillion in interest payments in FY2033.
Rep. Jared Moskowitz, D-Fla., discusses the U.S. debt ceiling and the pressure on Biden to address the Chinese spy craft incident.is expected to soar over the next 10 years to unprecedented levels, as net interest expense on the debt will cost more than $1.4 trillion annually in 2033 based on the latest projections from the Congressional Budget Office .
In FY2022, American taxpayers spent $475 billion in interest expenses on the national debt — a figure that is expected to rise to $640 billion in the current fiscal year, FY2023. As the federal government continues to run budget deficits and the debt level rises in the coming years, the amount spent on interest is projected to exceed $1 trillion for the first time in FY2029 and rise to $1.4 trillion in FY2033.
The Congressional Budget Office projects that the amount taxpayers spend to service the national debt will rise from $640 billion in FY2023 to more than $1.4 trillion in FY2033. To help put the scale of that $1.4 trillion in context, that’s more than what the federal government spent on discretionary appropriations — items like defense and non-defense domestic programs that
— in the last full fiscal year before the pandemic. In FY2019, the federal discretionary budget totaled $1.3 trillion, which was more or less evenly divided between defense and non-defense programs.
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