By: David Bahnsen
The U.S. government has for the first time laid out more than $1 trillion in gross interest payments on its national debt, according to a report by CNBC. Citing a Thursday report by the U.S. Treasury, CNBC said the payments, currently at $1.049 trillion so far in fiscal year 2024, are projected to hit $1.158 trillion by the end of the fiscal year on Sept. 30. That’s a 30 percent increase in gross interest payments from last year. Subtracting the interest the government earns on its investments, the government has paid $843 billion in net interest. The increase came during a surge in the U.S. budget deficit, which is nearing $2 trillion.