Here’s the CBO’s latest terrible news about the national debt
Read more at http://rare.us/story/heres-the-cbos-...OIICteeszs8.99Though the annual federal budget deficit has declined since peaking above $1 trillion in the late Bush and early Obama years, the deficit for 2015 will still top $500 billion—and the national debt still sits at more than $18 trillion and counting. (That’s $154,000 per taxpayer, in case you were wondering.)
Currently, interest on that debt is “only” about $200 billion per year, thanks in large part to low interest rates set by the Federal Reserve. But projections from the Congressional Budget Office (CBO) and the White House itself indicate that as interest rates rise in the next decade, we can expect to see annual interest payments outpacing both defense and non-defense spending by 2025:
By then, interest payments alone will require about 3 percent of GDP.
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