The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday.
Ionic columns on the facade of the Department of Treasury in Washington, D.C., Feb. 23, 2023. billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation’sGet a curated selection of 10 of our best stories in your inbox every weekend.
Most economists say these payments are economically wasteful, because the government could spend money in more productive ways than paying back bondholders. For instance, the U.S. spent more on interest than on all federal programs for children, including child care, education and tax credits for families, according to the Committee for a Responsible Federal Budget, which advocates for a lower deficit.This year’s sum was almost twice as much as two years ago.
“The federal government is sitting on a ticking time bomb. Payments on the debt already doubled over the last two years, and are expected to double again over the next decade,” Riedl said. “Congress remains completely asleep at the wheel, and unwilling to make even minor gestures toward reining in the toxic combination of rising debt and higher interest rates.
“Regardless of where they’re borrowing, they’re facing higher costs,” said Donald Schneider, who served as a top aide to House Republicans on the Ways and Means Committee. “It’s a dramatically different picture than where we were.”Some economists argue that the danger posed by higher interest payments is overstated. Although costs have risen, the U.S. government is still attracting purchasers of its debt from all over the world.
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