One Turn
US federal interest costs hit record $1 trillion
Net interest costs on US government debt reached $1.05 trillion for the fiscal year through September, up more than 8% from $970 billion a year earlier.
Why it matters
Rising debt service crowds out other spending and can feed higher borrowing costs worldwide.
Background
US federal debt has grown rapidly through repeated deficits. Higher interest rates have sharply raised the cost of servicing it.
The story so far
- Fed chair Warsh keeps rate path open before October meeting
- US federal interest costs hit record $1 trillion
Sources
- Japan Times ↗Oct 17, 8:06 PM ET
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