Mon Sep 16 15:50:03 UTC 2024: ## US Government Now Pays $3 Billion Daily in Interest on National Debt

**New York, NY** – The US government is currently spending an estimated $3 billion per day on interest payments for its national debt, according to a new analysis by Torsten Sløk, chief economist at Apollo Global Management. This figure, which includes weekend expenses, has doubled from the $1.5 billion paid daily at the start of 2022.

Sløk’s analysis, based on data from the US Treasury Department, suggests the country is on track to pay a staggering $1.157 trillion in interest for the entire fiscal year 2024. The national debt is expected to reach a record-breaking $35.346 trillion by September 9th, and currently sits at $35.378 trillion as of September 17th.

This significant increase in interest payments is primarily attributed to rising interest rates. However, Sløk predicts a potential decrease in daily interest expenses to $2.5 billion if the Federal Reserve reduces interest rates by 1% and the overall yield curve drops by the same amount.

This news highlights the growing financial burden on the US government due to its mounting debt. As interest payments continue to rise, it will be crucial to monitor the impact on government spending and the overall economy.

Read More