The US is facing a significant increase in debt levels, with the Federal debt set to mature at $9.3 trillion, up by $4.7 trillion in 4 years. Consumers have added $3.4 trillion in debt since 2020, reaching a total of $17.7 trillion. Interest payments on the national debt are projected to surpass defense spending in 2024, with annual interest costs expected to hit $900 billion. Overall household debt grew to $17.69 trillion, driven by mortgage balances.
The Interest Expense on US Public Debt hit $1.08 trillion over the last 12 months, another record high. With interest rates likely to remain higher for longer and National Debt fast approaching $35 trillion, this will continue to escalate. https://t.co/l5IYmkeySJ https://t.co/Qx6BEemAnm
It seems like we just crossed $1 trillion in annual interest on the debt. May 2024 was $103 billion, meaning we are likely already on an annual run rate of $1.2 trillion interest. Our government only collects about $5 trillion per year in total revenue, so we are approaching… https://t.co/e3RBHPSSK6
Overall household debt grew by 1.1% during the first quarter of 2024 to $17.69 trillion, according to data that is not adjusted for inflation. The quarterly increase was driven largely by mortgage balances, per YF.
For the first time in history, annual interest payments on US national debt will overtake defense spending in 2024, according to the CBO. It is projected that for the full Fiscal Year 2024 (FY 2024), interest spending will hit $900 BILLION. In Q1 2024, interest costs hit $1… https://t.co/0IFmlBhny7
US consumers have added $3.4 trillion in debt since 2020 bringing the total to a record $17.7 trillion. Credit card debt alone is up by ~$400 billion during this period and reached a record of $1.3 trillion in Q1 2024. This is a 2x faster pace than in the 4-year run up to the… https://t.co/q9aPDueCun
This is interesting: A record $9.3 TRILLION US Federal debt will mature and must be refinanced at much higher rates over the next 12 months. This is up by a massive $4.7 trillion or 102% in just 4 years. This comes as the US Treasury switches to issuing shorter-dated maturity… https://t.co/HxfufJYXIc