US Paying $1,157,762,000,000 in Interest on National Debt in One Year, Says Treasury Department, As Elon Musk Warns Government ‘Whistling Past the Graveyard’

The US Treasury Division says it expects to pay a whopping $1.157762 trillion in curiosity on the nationwide debt for the fiscal yr 2024.

The curiosity represents the price of borrowing cash, which the authorities does by issuing Treasury bonds, payments and different securities.

Interest funds have already totaled $1.05 trillion as of August, and the remaining funds might be added in by the finish of the month as the fiscal yr involves a detailed.

The Treasury Division says curiosity on the debt is predicted to be the nation’s third-largest expense this fiscal yr simply behind the Division of Well being and Human Providers (Medicare and Medicaid) and Social Safety Administration at $1.727 trillion and $1.520 trillion, respectively.

The up to date numbers come as billionaire Elon Musk points a warning on the rising deficit and debt, which has now reached $35.3276 trillion.

In a panel interview at the All-In Summit 2024, Musk stated he believes the authorities is projecting confidence whereas in a dire scenario.

“Everybody appears to be type of whistling previous the graveyard on this one… The Protection Division price range is a really huge price range. It’s a trillion {dollars} a yr – DoD (Division of Protection), intel – it’s a trillion {dollars}. And curiosity funds on the nationwide debt simply exceeded the Protection Division price range. They’re over a trillion {dollars} a yr simply in curiosity and rising.   

We’re including a trillion {dollars} to our debt, which our children and grandkids are going to should pay by some means, each three months. Quickly it’s going to be each two months after which each month. 

After which the solely factor that we’ll be capable of pay is curiosity.”

The nationwide debt jumped by about $1.337 trillion from January 1st till now.

This implies the debt has truly elevated by round $445.67 billion each three months on common.

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