FISCAL FIASCO: Interest payments on massive US debt pose next crisis, experts warn
The Price Futures Group senior account executive Phil Flynn reacts to OPEC’s decision to cut oil prices and how that will impact U.S. gas prices on ‘Mornings with Maria.’Next week, thefrom the final month of fiscal year 2022, including how much the government spent to service $31 trillion in national debt, the highest it has reached in U.S. history.
Treasury Secretary Janet Yellen faces a rising national debt and interest payments on the debt that are rising even faster. For example, the foundation estimates that by next year, interest on the debt will soon cost more than all federal income support programs combined – programs such as unemployment, food stamps and child nutrition. Interest on the debt could soar to $1 trillion per year by 2032, or $3 billion each day and take up nearly one-fifth of all federal revenues in that year.
The combination of a record-high national debt and the prospect of paying a higher penalty for carrying that debt is leading to renewed calls for a balanced federal budget that at least stops the government from borrowing more.
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