The US Treasury Department says it expects to pay a whopping $1.157762 trillion in interest on the national debt for the fiscal year 2024.
The interest represents the cost of borrowing money, which the government does by issuing Treasury bonds, bills and other securities.
Interest payments have already totaled $1.05 trillion as of August, and the remaining payments will be added in by the end of the month as the fiscal year comes to a close.
The Treasury Department says interest on the debt is expected to be the country’s third-largest expense this fiscal year just behind the Department of Health and Human Services (Medicare and Medicaid) and Social Security Administration at $1.727 trillion and $1.520 trillion, respectively.
The updated numbers come as billionaire Elon Musk issues a warning on the growing deficit and debt, which has now reached $35.3276 trillion.
In a panel interview at the All-In Summit 2024, Musk said he believes the government is projecting confidence while in a dire situation.
“Everyone seems to be sort of whistling past the graveyard on this one… The Defense Department budget is a very big budget. It’s a trillion dollars a year – DoD (Department of Defense), intel – it’s a trillion dollars. And interest payments on the national debt just exceeded the Defense Department budget. They’re over a trillion dollars a year just in interest and rising.
We’re adding a trillion dollars to our debt, which our kids and grandkids are going to have to pay somehow, every three months. Soon it’s going to be every two months and then every month.
And then the only thing that we’ll be able to pay is interest.”
The national debt jumped by about $1.337 trillion from January 1st until now.
This means the debt has actually increased by around $445.67 billion every three months on average.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Source link
Henry Kanapi
https://dailyhodl.com/2024/09/21/us-paying-1157762000000-in-interest-on-national-debt-in-one-year-says-treasury-department-as-elon-musk-warns-government-whistling-past-the-graveyard/
2024-09-21 17:31:45
