Fact Check: Interest on U.S. debt exceeds $92 billion, fueling fiscal crisis.

Fact Check: "Interest on U.S. debt exceeds $92 billion, fueling fiscal crisis."

What We Know

The claim that interest on U.S. debt exceeds $92 billion is substantiated by recent reports from the Congressional Budget Office (CBO) and other financial analyses. According to the CBO's monthly budget review for September 2023, interest payments on the national debt increased significantly, rising by $177 billion or 33% compared to the previous year. This brings total interest payments to approximately $776 billion for the fiscal year, with projections suggesting that they could exceed $1.2 trillion by the end of the year (CBO report, House Budget Committee).

Additionally, a report from Mitrade indicates that cumulative interest payments reached $776 billion as of May 2023, with expectations for the full year to surpass $1.2 trillion (Mitrade). This data confirms that the interest on U.S. debt is indeed substantial and contributes to the overall fiscal crisis.

Analysis

The evidence supporting the claim is robust, with multiple credible sources corroborating the figures. The CBO is a non-partisan organization that provides essential budgetary data and projections, making its reports highly reliable. The increase in interest payments is attributed to rising national debt, which has reached $33.5 trillion, and a budget deficit projected at $1.7 trillion for FY23 (CBO report, House Budget Committee).

Furthermore, the context provided by the CBO regarding future projections indicates that if current fiscal policies remain unchanged, interest payments will continue to rise, potentially reaching $1.4 trillion by 2033 (CBO report). This trajectory raises concerns about the sustainability of U.S. fiscal policy and the implications for economic stability.

While some sources, such as financial news outlets, may have varying perspectives on the implications of this debt, the fundamental data regarding the interest payments remains consistent across reports. The potential bias in interpretations of this data often stems from political viewpoints rather than the accuracy of the figures themselves.

Conclusion

Verdict: True
The claim that interest on U.S. debt exceeds $92 billion is accurate, as evidenced by multiple reliable sources indicating that interest payments are significantly higher, with projections for the fiscal year suggesting they could exceed $1.2 trillion. The rising interest payments are a critical factor in the broader fiscal crisis facing the U.S., driven by an escalating national debt and substantial budget deficits.

Sources

1. IT JUST GETS WORSE: Spending is High, Interest Costs are Soaring, The ...
2. An Update to the Budget Outlook: 2023 to 2033 - Congressional Budget Office
3. DoubleLine sounds alarm on US government debt spiralling higher
4. Interest on Debt Tops $92 Billion in May, Expanding Deficit; Can Strong ...
5. U.S. budget deficit hit $316 billion in May - CNBC