{"id":4623,"date":"2024-09-16T21:51:21","date_gmt":"2024-09-17T04:51:21","guid":{"rendered":"https:\/\/abovecloud.xyz\/?p=4623"},"modified":"2024-09-16T21:51:41","modified_gmt":"2024-09-17T04:51:41","slug":"gross-interest-payments-on-us-debt-topped-1-trillion","status":"publish","type":"post","link":"https:\/\/abovecloud.xyz\/?p=4623","title":{"rendered":"Gross interest payments on US debt topped $1 trillion"},"content":{"rendered":"\n

The Treasury Building is seen in Washington on May 4, 2021. The U.S. Treasury has announced that the nation\u2019s gross national debt has surpassed $34 trillion. The record high comes after Republican lawmakers and the White House had agreed to temporarily lift the nation\u2019s $31.4 trillion debt limit last year after the government ran up against its legal borrowing capacity and needed to implement \u201cextraordinary measures\u201d to avoid a default.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The federal government has paid north of $1 trillion in gross interest payments on its debt for fiscal 2024 as the national debt continues to climb. <\/p>\n\n\n\n

The Treasury Department said in a recent statement that the U.S. paid about $1.05 trillion in gross interest on treasury debt securities in the current fiscal year. The figure is estimated to reach roughly $1.16 trillion in the 12-month period ending Sept. 30.

By contrast, the Treasury Department said total outlays for net interest reached $843 billion in fiscal 2024, topping other big ticket items like national defense, for which outlays have reached $798 billion so far. Outlays were still higher, however, for two other highlighted functions: Social Security and Medicare.<\/p>\n\n\n\n

When looking at the interest costs, fiscal hawks typically look at net interest versus gross interest on Treasury Department securities, as the latter also includes intragovernmental payments<\/a>. <\/p>\n\n\n\n

However, the $1 trillion mark has gotten attention; and according to CNBC<\/a>, it marks the first time that gross interest payments have topped the figure, which also marks a 30 percent jump from the previous year.<\/p>\n\n\n\n

The Hill has reached out to the Treasury Department for confirmation. <\/p>\n\n\n\n

The development comes in the backdrop of a heated fight over government funding in Washington ahead of a looming shutdown deadline later this month. <\/p>\n\n\n\n

House Republicans prepared for a major opening salvo in a budget showdown with Democrats last week, pushing to pass a\u00a0partisan stopgap measure<\/a>\u00a0that would keep the government funded through next year, along with a proof-of-citizenship voting bill backed by former\u00a0President Trump\u00a0<\/a>that was seen as dead-on arrival in the Senate.

However, GOP leadership had to\u00a0scrap plans for a vote<\/a>\u00a0amid resistance from members of various corners of the conference, including opposition from hard-line conservatives demanding more be done to curb government spending while citing the national debt, which sits at more than $35 trillion.

Reprinted from \u201cThe Hill\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

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