U.S. payments on debt spike to $659 billion, nearly doubling in two years

[Synthaholic]

Thanks Trump! Adding $7 trillion to the debt has consequences. Trump and the Republicans own this.

U.S. payments on debt spike to $659 billion, nearly doubling in two years​

The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation’s widening fiscal imbalance and the Federal Reserve’s rate hikes dramatically raised the federal cost of borrowing.

Because the federal government spends more than it collects in tax revenue, the Treasury Department issues new debt to cover the rest of its payment obligations. That debt must be repaid with interest — costs that grow as the debt grows. And as the central bank has raised interest rates to cool inflation, the borrowing costs to the U.S. government are also way up.

 

[shockedcanadian]

That amount is untenable and it is about to increase.

 

[yidnar]

Thanks Trump! Adding $7 trillion to the debt has consequences. Trump and the Republicans own this.

U.S. payments on debt spike to $659 billion, nearly doubling in two years​

The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation’s widening fiscal imbalance and the Federal Reserve’s rate hikes dramatically raised the federal cost of borrowing.

Because the federal government spends more than it collects in tax revenue, the Treasury Department issues new debt to cover the rest of its payment obligations. That debt must be repaid with interest — costs that grow as the debt grows. And as the central bank has raised interest rates to cool inflation, the borrowing costs to the U.S. government are also way up.

half of what Trump spent was pandemic relief .. what the heck has Briben spent on .

 

[C_Clayton_Jones]

Trump and the Republicans own this.

True.

Voting for Republicans is the definition of insanity.

 

[Rawley]

Thanks Trump! Adding $7 trillion to the debt has consequences. Trump and the Republicans own this.

U.S. payments on debt spike to $659 billion, nearly doubling in two years​

The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation’s widening fiscal imbalance and the Federal Reserve’s rate hikes dramatically raised the federal cost of borrowing.

Because the federal government spends more than it collects in tax revenue, the Treasury Department issues new debt to cover the rest of its payment obligations. That debt must be repaid with interest — costs that grow as the debt grows. And as the central bank has raised interest rates to cool inflation, the borrowing costs to the U.S. government are also way up.

Democrats didn't vote for this debt?

 

[sparky]

Who is buying the debt? ~S~

 

[Synthaholic]

Democrats didn't vote for this debt?

Republicans pass historic tax cuts without a single Democratic vote​

 

[skews13]

half of what Trump spent was pandemic relief .. what the heck has Briben spent on .

What either one of them spent on is irrelevant. The debt is a direct result of the Reagan, Bush, and Trump tax cuts, coupled with increased military spending.

When you cut revenue, you have to borrow the money to make up for it. You have to pay interest on that borrowed money.

The Iraq, Afghanistan wars being put on the country's credit card didn't help, and pandemic spending only exasperated the situation.

Once this country finally figures out they were robbed to give Walmart, and Jeff Bezos tax cuts they don't need and damn sure don't deserve, and return to pre 1980 tax rates. This all goes away. The spending is managable with the funding to pay for it.

Government works just fine. What the Founders created in Philadelphia works just fine, and did so until the age of the robber barrons.

America needs our government.

America doesn't need the robber barrons.

 

[Rawley]

Republicans pass historic tax cuts without a single Democratic vote​

LOL guess they didn't tell you about this:

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts

Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal 2018.

www.investors.com

Opinion | Federal Revenue Did Well Under the Trump Tax Cut

Democrats are touting a GAO report as evidence that corporations don’t pay up. They’re wrong.

www.wsj.com

U.S. sees biggest revenue surge in 44 years despite pandemic

Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977.

www.politico.com

Want to try again?

 

[Flash]

Potatohead's high inflationary interest rates are going to drive the debt service through the roof.

 

[Polishprince]

What either one of them spent on is irrelevant. The debt is a direct result of the Reagan, Bush, and Trump tax cuts, coupled with increased military spending.

When you cut revenue, you have to borrow the money to make up for it. You have to pay interest on that borrowed money.

The Iraq, Afghanistan wars being put on the country's credit card didn't help, and pandemic spending only exasperated the situation.

Once this country finally figures out they were robbed to give Walmart, and Jeff Bezos tax cuts they don't need and damn sure don't deserve, and return to pre 1980 tax rates. This all goes away. The spending is managable with the funding to pay for it.

Government works just fine. What the Founders created in Philadelphia works just fine, and did so until the age of the robber barrons.

America needs our government.

America doesn't need the robber barrons.

When is Sleepy Joe going to push for massive new tax hikes, if the problem is tax rates are too low?

We've had plenty of years since Reagan left where the D's had control of Congress and the Presidency, and they've had opportunities to punish earners.

 

[jwoodie]

Thanks Trump! Adding $7 trillion to the debt has consequences. Trump and the Republicans own this.

I am surprised you aren't blaming Herbert Hoover.

 

[Synthaholic]

I am surprised you aren't blaming Herbert Hoover.

No, just the one responsible.

 

[yidnar]

What either one of them spent on is irrelevant. The debt is a direct result of the Reagan, Bush, and Trump tax cuts, coupled with increased military spending.

When you cut revenue, you have to borrow the money to make up for it. You have to pay interest on that borrowed money.

The Iraq, Afghanistan wars being put on the country's credit card didn't help, and pandemic spending only exasperated the situation.

Once this country finally figures out they were robbed to give Walmart, and Jeff Bezos tax cuts they don't need and damn sure don't deserve, and return to pre 1980 tax rates. This all goes away. The spending is managable with the funding to pay for it.

Government works just fine. What the Founders created in Philadelphia works just fine, and did so until the age of the robber barrons.

America needs our government.

America doesn't need the robber barrons.

the debt went up 10 trillion under the Obama admin and he didnt strengthen the military [remember fighter jets falling out of the sky and being forced to scavenge for parts] nor did Obama have an epidemic to deal with .

 

[Dekster]

Was going to have to happen eventually. Obama's Administration started refinancing bonds on very short term low interest reissues so they could spend as much of the cash as they could as quickly as they could. All that QE went on way too long and here we are.

 

[Toddsterpatriot]

Thanks Trump! Adding $7 trillion to the debt has consequences. Trump and the Republicans own this.

U.S. payments on debt spike to $659 billion, nearly doubling in two years​

The U.S. government spent $659 billion this year paying off the interest on its debt, according to a Treasury report released Friday, as the nation’s widening fiscal imbalance and the Federal Reserve’s rate hikes dramatically raised the federal cost of borrowing.

Because the federal government spends more than it collects in tax revenue, the Treasury Department issues new debt to cover the rest of its payment obligations. That debt must be repaid with interest — costs that grow as the debt grows. And as the central bank has raised interest rates to cool inflation, the borrowing costs to the U.S. government are also way up.

Doubling under Biden, even before his $2 trillion deficit this year.
At least the $10 trillion added to the debt under Obama made the world love us.

 

[Toddsterpatriot]

What either one of them spent on is irrelevant. The debt is a direct result of the Reagan, Bush, and Trump tax cuts, coupled with increased military spending.

Why didn't Clinton, Obama or Biden raise the top rate back to 70% yet?

 

[my2¢]

Heck yeah debt payments are sure to spike. When you've spent decade-after-decade cheapening the value of the dollar through deficit spending eventually you're screwed. Inflation results and to fight inflation the Federal Reserve raises interest rates and those payments on the debt take a bigger bite. Since 1980 the only Presidents we've had that cared a rat's behind on the debt have been G HW Bush and Bill Clinton. Reagan, GW Bush, Obama, Trump and especially Biden have all been financial disasters.