The cost of borrowing money is taking up a larger share of the federal budget, which along with the rising costs of Social Security and Medicare, are driving up the national deficit.
Interest costs on the country's $33 trillion debt increased 23% to $879 billion. That’s a record high. Interest costs accounted for 14% of total federal spending as of September 2023.
Daniel Smith, an economics professor at Middle Tennessee State University, said the effects of carrying that much debt will grow over time. Marc Goldwein, the senior vice president and senior policy director for the Committee for a Responsible Federal Budget, noted Tuesday that interest costs have doubled since 2020.
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