Why a Fed rate pause won t give Biden a break politico.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from politico.com Daily Mail and Mail on Sunday newspapers.
The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation’s widening fiscal imbalance and the Federal Reserve’s rate increases dramatically raised the federal cost of borrowing.
Because the federal government spends more than it collects in tax revenue, the Treasury Department issues new debt to cover the rest of its payment obligations. That debt must be repaid with interest costs that grow as the debt grows, and as the central bank has raised interest rates to cool inflation, the borrowing costs to the U.S. government are also way up.
U S payments on debt spike to $659 billion, nearly doubling in two years washingtonpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from washingtonpost.com Daily Mail and Mail on Sunday newspapers.
The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation’s widening fiscal imbalance and the Federal Reserve’s rate hikes dramatically raised the federal cost of borrowing.
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