Rising Interest Costs Place Growing Burden on Federal Budget
-
Interest payments on federal debt now consume 40% of personal income tax revenue, reducing funds available for other programs.
-
Interest payments in October 2022 totaled $88.9 billion, nearly double the previous October and more than most government departments.
-
Deficit spending is increasing total debt rapidly, further elevating interest costs in a vicious cycle.
-
Biden administration spending has sharply accelerated the debt problem inherited from prior administrations.
-
Without major spending cuts, interest may soon consume all income tax revenue, devastating taxpayers.