The US government is shelling out a whopping $3 billion every single day just to cover the interest on our national debt, according to a report by Apollo Global Management. That’s double what we were paying at the start of last year.
Interest Costs Are Skyrocketing
The Treasury Department says that interest payments have already reached $763 billion this year, making it the second-biggest expense after Social Security. And by the end of the year, we’re expected to pay a total of $1.157 trillion in interest on the debt.
Even Rate Cuts Won’t Fix It
While interest rates might be going down soon, Apollo’s chief economist, Torsten Sløk, says we’ll still be paying billions every day. Even if rates drop by a full percentage point, our daily interest payments would only fall to $2.5 billion.
National Debt Hits Record High
The national debt just hit a new record high of $35.346 trillion, according to the Treasury Department’s “Debt to the Penny” database.
