According to the Peter G. Peterson Foundation, an American bipartisan group that advocates for fiscal responsibility, the US government spends $2 billion a day on debt interest payments alone. Treasury expects to borrow nearly $1 trillion more by the end of March.
“America’s high and rising debt matters because it threatens our economic future,” the foundation said in a statement Tuesday.It noted that within 10 years, the federal government will spend more on interest payments than it traditionally has on research and development, infrastructure and education, combined.
