America’s debt ‘death spiral’ gives us $1 trillion reasons to act now

Interest on the federal debt is exploding much faster than the government predicted. It turns out Congress and the executive branch are as bad at projecting the future as they are at saving money. 

Yet much more alarming than the mathematical deficiencies of government is the rate at which America is running out of time to solve its debt crisis. 

While the Biden administration had projected a $1.6 trillion deficit for the current fiscal year, the Treasury has been borrowing at a $3 trillion annualized rate — almost twice the projected amount. 

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This additional debt, issued at today’s interest rates, will increase the Treasury’s annual interest expense by over $100 billion. 

But…