Free Republic

The US is on a highway to hell! The US Federal government just hit a dubious landmark — $1.6 TRILLION in interest payments expected by year end. It is already at $1.2 TRILLION. ... Biden/Harris’s spending spree (which Harris wants to continue). ... Interest payments will crowd out other expenditures, like Social Security, Defense and Medicare. ... Eternal deficits are not sustainable, especially since much of government spending rerpresents payoffs to political donors. Interest on the federal debt this FY is equal to about half of all personal income taxes collected – we’re a nation of debt slaves. ... Yes,...

The cost of interest payments on the national debt will continue to grow as a financial burden for the U.S. over the next decade, even surpassing what the nation spends on national defense within a few years, a newly released budget analysis shows. The national debt hit $31 trillion last fall and is well on its way to $32 trillion this year. As that debt grows, the U.S. Congressional Budget Office projects that the federal government will shell out over $10 trillion in the next decade on interest payments alone. “To put this $10.5 trillion total in perspective, this means...

ANNAPOLIS -- State lawmakers voted yesterday to overturn Gov. Robert L. Ehrlich Jr.'s veto of the Democrats' energy plan that will postpone a 72 percent rate increase by Baltimore Gas and Electric Co. but forces customers to pay interest on the deferred charges. The company's 1.1 million residential customers will see their bills increase 15 percent on July 1 -- not the 72 percent increase to market rates set earlier this year in a wholesale electricity auction overseen by the utility-regulating Public Service Commission. However, the money customers save will still be owed to the company, and the customers will...