The US government is piling debt onto its balance sheet at a blistering pace.
The latest data from the Treasury Department shows the government’s debt jumped from $33.802 trillion on December 1st to $33.911 trillion on December 28th – an uptick of over $108.549 billion in a single month.
As the country’s debt continues to soar, the Treasury Department also says government payments to interest expenses have now exceeded its defense budget.
Data shows that the government allocated $168.849 billion to cover the interest on Treasury debt securities from the start of the current fiscal year, which began on October 1st, to November 30th, 2023.
Meanwhile, the government spent $149.709 billion on the military programs of the Department of Defense during the same period.
With interest payments on debt taking up a substantial portion of the government’s budget, former US Congressman Ron Paul is now calling the attention of…
