The interest burden of the public debt of the U.S. government has topped $1 trillion already this year, the first time interest costs have crossed the trillion dollar threshold.
In the first 11 months of the fiscal year, interest payments totaled $1.05 trillion, up 30 percent from a year ago, the Treasury Department said Thursday. This is the first time interest payments have ever climbed about $1 trillion.
Despite claims by President Joe Biden and Vice President Kamala Harris to have addressed the U.S. budget deficit, the deficit is up 24 percent in the first 11 months of this fiscal year compared with the previous period, according to data released Thursday.
The U.S. Treasury on Thursday reported a $380 billion federal budget deficit for August. Last year, the government enjoyed a surplus in August after the Supreme Court turned back Biden’s attempt to transfer student loans from borrowers to taxpayers.
Year-to-date, the budget deficit has piled up to $1.9 trillion.