Fact Check: interest on the $36.2 trillion debt topping $92 billion

Fact Check: "Interest on the $36.2 trillion debt topping $92 billion"

What We Know

The claim that interest on the $36.2 trillion national debt has topped $92 billion is supported by multiple sources. As of May 2023, interest payments on the national debt indeed reached approximately $92 billion, making it one of the largest expenditures in the federal budget, following Medicare and Social Security (Global Consultants Review, Trading Key). The total national debt of the United States is currently reported to be around $36.2 trillion (U.S. Treasury Fiscal Data, Investopedia).

Interest payments on the national debt are a significant fiscal concern, especially as they have been increasing due to rising interest rates and the overall size of the debt. For the fiscal year 2023, the total interest expense on the public debt was projected to be approximately $678 billion, indicating a broader trend of increasing costs associated with servicing the national debt (Wikipedia, Investopedia).

Analysis

The claim is accurate and corroborated by reliable sources. The data from the U.S. Treasury indicates that the national debt is indeed $36.2 trillion, and the interest payments have exceeded $92 billion in May 2023 (U.S. Treasury Fiscal Data, Global Consultants Review).

However, it is essential to note that while the $92 billion figure is correct for May, it does not represent the annual interest expense, which is significantly higher. The annual interest expense is projected to be around $678 billion for FY 2023 (Wikipedia, Investopedia).

Sources such as Trading Key and CNBC further confirm that rising interest payments are a growing concern for the federal budget, indicating that the fiscal situation is becoming more precarious as interest rates rise and the debt continues to grow.

While the sources used in this analysis are credible, including government data and reputable financial news outlets, it is crucial to consider that the context of the claim may lead to misunderstandings if not fully explained. The $92 billion figure is a snapshot in time and should be viewed within the broader context of the total annual interest payments and the overall fiscal health of the nation.

Conclusion

Verdict: Needs Research
While the claim that interest on the $36.2 trillion debt topped $92 billion is accurate for May 2023, it requires further context to understand its implications fully. The annual interest expense is significantly higher, and the increasing trend of interest payments poses challenges for federal budgeting. Therefore, while the claim itself is verified, a deeper exploration into the implications of rising interest costs and the overall national debt situation is warranted.

Sources

1. Understanding the National Debt | U.S. Treasury Fiscal Data
2. Federal Debt and the Debt Limit in 2025
3. National debt of the United States
4. U.S. Deficit Hits $1.36 Trillion Amid Soaring Debt Costs
5. What is the U.S. National Debt, and How Is It Paid? - Investopedia
6. Interest on Debt Tops $92 Billion in May, Expanding Deficit; Can Strong ...
7. U.S. budget deficit hit $316 billion in May