Interest Costs a Major Burden

Interest payments for the national debt are a two-fold problem. First, today’s interest rates are far below historical averages, and expected increases will cost hundreds of billions of dollars per year. Second, chronic high deficits are causing debt to grow faster than the economy. The combined effect will cause interest payments to consume over 5% of the economy per year. Elected officials have a responsibility to end deficit spending and avoid the mounting fiscal crisis.

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Date Produced: June 27, 2019

Source: Congressional Budget Office

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