Interest on U.S. Debt: $4.8 Trillion

DebtHurtsJeanne 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

1 Comment on "Interest on U.S. Debt: $4.8 Trillion"

  1. Broken_Finger | Nov 20, 2009 at 10:30 am |

    How about if we all agree that the debt doesn't really exist and then convince the Japanese, Chinese, and whoever else holds Treasury bonds that our new consensus reality is just better for everyone involved?

    Vote for me in 2012.

    No, seriously, I've already planted my Victory Garden for the inevitable collapse.

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