{"id":139552,"date":"2024-10-13T09:00:12","date_gmt":"2024-10-13T06:00:12","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=139552"},"modified":"2024-10-13T02:27:30","modified_gmt":"2024-10-12T23:27:30","slug":"u-s-faces-nearly-1-trillion-in-interest-payments-as-national-debt-soars","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/u-s-faces-nearly-1-trillion-in-interest-payments-as-national-debt-soars\/","title":{"rendered":"U.S. Faces Nearly $1 Trillion in Interest Payments as National Debt Soars"},"content":{"rendered":"<p>According to <strong><a href=\"https:\/\/www.cbo.gov\/publication\/60730\" target=\"_blank\" rel=\"nofollow\">data<\/a> <\/strong>from the Congressional Budget Office (CBO), the federal budget deficit for the 2024 fiscal year, which concluded on September 30, reached about $1.8 trillion.<\/p>\n<p>Last year, the government brought in $4.918 trillion in revenue while its total spending amounted to $6.752 trillion. Interest payments on the national debt emerged as the second-largest federal expense, surpassed only by the roughly $1.448 trillion designated for Social Security.<\/p>\n<p>The announcement of the sizable budget deficit comes amid a surge in the national debt, which has now reached $35.693 trillion. Adam Kobeissi, editor of The Kobeissi Letter, points out that the growth in public debt is far outpacing the expansion of the economy.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/recession-fears-intensify-as-jpmorgans-ceo-criticizes-bitcoins-worth\/\" title=\"Recession Fears Intensify as JPMorgan\u2019s CEO Criticizes Bitcoin\u2019s Worth\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/09\/1200x-1-_1_-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Recession Fears Intensify as JPMorgan\u2019s CEO Criticizes Bitcoin\u2019s Worth<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>In just a three-day span, the debt climbed by $345 billion, setting a new record of $35.7 trillion. Since June 2023, federal debt has increased by $4 trillion, or 14%, while the U.S. GDP has grown by only $1.5 trillion, or about 6%, meaning that debt growth has outstripped economic growth by 2.7 times.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. government recently allocated nearly $1 trillion just to cover the interest on its escalating national debt.<\/p>\n","protected":false},"author":3,"featured_media":83744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[60,22],"tags":[],"class_list":["post-139552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-others"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Faces Nearly $1 Trillion in Interest Payments as 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