The total annual interest costs on U.S. Federal debt have surpassed the $1.1 trillion mark in the second quarter of the year, with the government now paying a record $3 billion in interest per day on its debt.
According to the economics outlet Kobeissi Letter on the microblogging platform X (formerly known as Twitter), the interest expense on US Federal debt is triple the amount “paid 10 years ago, and has doubled in just 2.5 years.”
Per the outlet, even if the country’s central bank, the Federal Reserve, cuts interest rates by 1% and government bond yields decline by the same amount, daily interest expense will remain at $2.5 billion.
That, the outlet added, would be “more than double the average paid in 2009-2019.”
