National Debt Hits $32 Trillion Two Weeks After Debt Ceiling Deal, Govt Spent $476 billion on Interest Costs Only

The country is deteriorating right before our very eyes. Look around you. Where did this unimaginable amount of money go?  The national debt is number one threat to US national security. The Biden regime has already spent $1.2 trillion more than it collected. Recent passage of the costly Inflation Reduction Act, ongoing military aid to Ukraine and the broad resistance in Congress to significant spending cuts are expected to push the annual budget deficit closer to $2 trillion in the coming years.

And what did the Republican house do? Apart from flapping their exhausted tongues? Nothing.

Additionally, higher interest rates caused by the Federal Reserve are expected to make interest payments on the national debt more costly than they have been in decades, which means even more borrowing will be needed to stay current on those payments.

In 2022, the federal government spent $476 billion on net interest costs on the national debt. That total, which grew by 35 percent from $352 billion in 2021, was the largest amount ever spent on interest in the budget, and equaled nearly 2 percent of gross domestic product (GDP).

National debt hits $32 trillion two weeks after debt ceiling deal

The government can keep borrowing without any limit through 2024

By Peter Kasperowicz FOX Business

Sen. Roger Marshall, R-Kan., makes his case why he voted ‘no’ on the debt ceiling deal legislation on ‘Maria Bartiromo’s Wall Street.’ video
Sen. Roger Marshall warns national debt is number one threat to US national security

Sen. Roger Marshall, R-Kan., makes his case why he voted ‘no’ on the debt ceiling deal legislation on ‘Maria Bartiromo’s Wall Street.’

The U.S. national debt hit $32 trillion for the first time ever this week.

Treasury Department data released Friday said federal borrowing crossed the $32 trillion mark on Thursday, less than two weeks after President Biden signed legislation into law that suspended the debt ceiling. That bill, which also included tens of billions in spending cuts demanded by House Republicans, will allow the government to borrow whatever it wants until the end of 2024, when the debt ceiling suspension ends.

When Biden signed the bill into law on June 3, the total national debt stood at $31.47 trillion. On the first business day after the debt ceiling was suspended, federal borrowing jumped nearly $400 billion, reflecting pent-up borrowing needs such as payments to federal worker retirement plans that the Treasury Department delayed in order to avoid breaching the ceiling.

As of Thursday, the national debt stood at $32.04 trillion…….

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AUTHOR

Pamela Geller

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