Rising Interest Costs on National Debt Could Crowd Out Vital Spending
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U.S. spent $659 billion this year paying interest on debt, nearly double from 2 years ago.
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Higher debt payments attributed to growing budget deficits and Federal Reserve interest rate hikes.
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Interest costs projected to consume 30% of federal revenue within a decade if rates stay high.
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Rising interest costs could crowd out spending on other priorities like children, health care, housing.
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If yields on U.S. debt keep rising, it could increase borrowing costs economy-wide, from mortgages to corporate loans.