If you all recall, on November 23, 2009, The New York Times published
one of the most alarming articles concerning the United States’ fiscal
situation that have appeared in a long time entitled "Federal Government
Faces Balloon in Debt Payments".
The article described that the White House is now forecasting that the annual cost of servicing the national debt (currently topping $12 trillion and projected to reach $20 trillion by the end of the next decade) will exceed $700 billion in 2019, up from $202 billion this year.
To place this in context, "an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.".......................http://goo.gl/TUSgJ
The article described that the White House is now forecasting that the annual cost of servicing the national debt (currently topping $12 trillion and projected to reach $20 trillion by the end of the next decade) will exceed $700 billion in 2019, up from $202 billion this year.
To place this in context, "an additional $500 billion a year in interest expense would total more than the combined federal budgets this year for education, energy, homeland security and the wars in Iraq and Afghanistan.".......................http://goo.gl/TUSgJ
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