The United States Government Pays Interest on the National Debt of $3,000,000 Per Hour
According to the head economist of the international investment company Apollo Global Management, the United States is paying a significant amount of money every day only to pay the interest on the national debt.
The US government is now paying out $3 billion in interest payments every day, according to Apollo's Torsten Sløk, who cited figures from the Treasury Department.
Compared to around $1.5 billion in early 2022, there is an increase.
As of fiscal year 2024, net interest expenditure has consumed $763 billion, making it the second-largest budgetary item after Social Security, which is projected to use $1.213 trillion, according to the most recent data from the U.S. Treasury Department.
Interest on the national debt is projected to reach $1.157 trillion for the whole fiscal year 2024.
Sløk states that payments of one billion dollars or more will continue every day, even if rate cuts could be imminent.
Assuming a flattening of the yield curve, daily interest expenditures would fall from $3 billion to $2.5 billion if the Federal Reserve were to lower interest rates by 1%.
New records show that on September 9th, the national debt reached $35.346 trillion, as reported in the Treasury Department's 'Debt to the Penny' database.
