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Bookmark or Share- $1 Trillion Deficits are Projected for the Foreseeable FutureThe federal deficit is projected to be over $1 trillion each year for the next 10 years according to the Office of Management and Budget (OMB) in its annual Mid-Session Review (MSR) released last week.
- National Debt Clock: What Is the National Debt Right Now? - The Peter G ...America's growing debt is the result of simple math — each year, there is a mismatch between spending and revenues. When the federal government spends more than it takes in, we have to borrow money to cover that annual deficit. And each year’s deficit adds to our growing national debt.
- What Are Interest Costs on the National Debt? - The Peter G. Peterson ...In 2023, the federal government spent $658 billion on net interest costs on the national debt. That total, which grew by 38 percent from $476 billion in 2022, was the largest amount ever spent on interest in the budget and totaled 2.4 percent of gross domestic product (GDP).
- The National Debt Is Now More than $35 Trillion. What Does That Mean?The gross federal debt of the United States has surpassed $35,000,000,000,000. Although the debt affects each of us, it may be difficult to put such a large number into perspective and fully understand its implications.
- The Fed Reduced Short-Term Rates, but Interest Costs Remain HighThe Fed continued to raise rates four more times in 2023, setting the target range for the rate to between 5.25 and 5.50 percent — a 23-year high. The central bank held rates at those levels until today, with the cut signaling that the central bank believes inflation is moderating sufficiently.
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