Over the next decade, the U.S. Treasury will spend $20 trillion in interest on the national debt—$200 billion a month by 2036
Source: Fortune ·
"The challenge for me is I can't say for sure what is the deadline, when do we need to act. That's something members want to know, and we don't know, which is both a blessing and a curse."
From the source
As the largest economy on earth, the U.S. government can afford to borrow staggering amounts of money without lenders batting an eyelid. However, projections for the Treasury’s revenues versus its expected spending over the next decade would give even the most optimistic budget doves pause.The Congressional Budget Office (CBO) this week released its projections of federal receipts and expenditures in the national income for 2026-2036. Economists are used to seeing eye-watering figures when it comes to the U.S. budget: The nation is currently running a $40 trillion debt burden and has yet to face the fiscal crisis predicted by debt hawks for many years.However, with the trust fund for Social Security due to run out in a little over seven years, and Medicare to go insolvent in six and a half years, budget questions are pushing further up the agendas of both politicians and the public. The CBO’s projections for government spending—irrespective of which party is in power—are only likely…