U.S. Interest Payments on Debt to Hit $763 Billion by 2023
Cut spending
Here's the number to keep in mind: $763 billion.
If enacted, Barack Obama's latest budget would mean that in just ten years, interest payments alone on the national debt would begin pushing the trillion-dollar mark: $763 billion a year by 2023. That may be a rosy estimate: It assumes that interest rates, currently near historic lows, do not rise a great deal over the next ten years as the Treasury continues to pile up new debt. If interest rates do climb a bit higher — not even to their historical average, but higher than they have been of late — then those interest payments easily could be more than $1 trillion a year.
h/t Virginian
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By the time our king and his fellow travelers are finished with us interest payments will exceed GDP.