The Growing Burden of Old National Debt

In Analysis by Michael Rae

Although the debt ceiling debates, like the one currently taking place in Washington D.C., are nothing new, there is something unique about this one that makes it more of a cause for concern than the ones that came before.
That something is the escalating cost of financing the U.S. government’s outstanding debt. Economist Gerald P. Dwyer explains:
Consumers and businesses aren’t the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes. Uncle Sam is, too.
The U.S. government spent a record US$232 billion in interest payments on its debt in the first quarter of 2023, over 50% more than

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