From just four decades ago, the debt skyrocketed from $907 billion to more than $34.5 trillion as of Wednesday afternoon, according to the latest Treasury Department figures.
Interest payments on the nation’s ballooning debt just eclipsed spending on defense and Medicare, worrying policy experts who have warned this threatens to undermine U.S. economic stability. In the first seven months of fiscal year 2024, which began in October, spending on net interest surged to $514 billion, surpassing spending on both national defense and Medicare . In fact, interest costs have topped spending on veterans, education and transportation combined.
Interest rates are not the only factor making servicing the debt more expensive. Over the past decade, the size of the national debt has more than quadrupled. The spike in the debt comes after a burst of spending by President Biden and Democratic lawmakers. As of September 2022, Biden had already approved roughly $4.8 trillion in borrowing, including $1.
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