National Debt Interest Payments Hits $5 Trillion

PRLog (Press Release) - Mar. 6, 2012 - As the national debt keeps growing, so does the interest payments. The Congressional Budget Office announced this week that the interest alone on the national debt is expected to hit $5 trillion in the next decade. Coupled with rising interest rates, each percent over a benchmark five percent interest rate is estimated to cost an extra $1 trillion in interest payments.

Further, the government agency estimated that 14 percent of all taxes received by the United States government will have to go directly to servicing debt interest payments. According to many experts, governments are considered unable to service their debt load when interest payments reach 30 percent of tax revenue.

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