US National Debt Adds $1 Trillion Every 100 Days, Becoming Major Threat to National Security
America’s debt is growing by $1 trillion every 100 days, and economists warn that if Congress doesn’t take action it’s only going to get worse.
The U.S. national debt, the money our federal government borrows to cover operating expenses, now stands at more than $34 trillion. If that’s not bad enough, the rapid rise in interest rates has pushed the annual payments on the debt far higher, threatening to bring a potential future crisis.
“Right now, we’re paying about $750 billion per year in interest costs, which again, is approximately equal to the amount the United States spends on National Defense, if you can believe it,” said Dr. Alexander Salter, associate professor of economics at Texas Tech University.
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