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U.S. Debt Interest Bill Soars Past $1 Trillion a Year

via MSNBC

High levels of debt and increased interest rates have led to the annualized interest cost of government debt surpassing $1 trillion, doubling over the past 19 months and representing 15.9 percent of the Federal budget for fiscal year 2022.

The data has sparked concerns surrounding the US fiscal path, with heavy borrowing leading to rising bond yields, potential return of bond vigilantes, and a downgrade of US government debt by Fitch Ratings.

“There will be further increases to Treasury coupon auctions and T-bills outstanding going forward,” Bloomberg Intelligence strategists Ira Jersey and Will Hoffman stated. (Trending: Court Hands Down Crucial 2nd Amendment Ruling)

“Besides deficits of over $2 trillion in the foreseeable future, climbing maturities following the increase of issuance from March 2020 will also need to be refinanced.”

The Congressional Budget Office estimates a cumulative deficit of $20.2 trillion for the 2024–2033 period, with deficits expected to be at least 5.5 percent of GDP annually for the next decade.

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