Jeanne Sahadi writes on CNNMoney.com:
Here’s a new way to think about the U.S. government’s epic borrowing: More than half of the $9 trillion in debt that Uncle Sam is expected to build up over the next decade will be interest.
More than half. In fact, $4.8 trillion.
If that’s hard to grasp, here’s another way to look at why that’s a problem.
In 2015 alone, the estimated interest due — $533 billion — is equal to a third of the federal income taxes expected to be paid that year, said Charles Konigsberg, chief budget counsel of the Concord Coalition, a deficit watchdog group.
More on CNNMoney.com