US Debt Interest Payments Top $1 Trillion as Costs Double in Under 2 Years
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Annual interest payments on US debt have crossed $1 trillion, according to a Bloomberg analysis.
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These interest costs have doubled over the past 19 months.
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In the 2022 fiscal year ending Sept. 30, the US paid $879 billion in interest on over $33 trillion in debt.
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Fitch downgraded the US credit rating from AAA to AA+ earlier this year due to growing debt and debt limit battles.
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Fitch said repeated debt limit showdowns have eroded confidence in US fiscal management.