"Rising debt + rising interest costs – debt servicing cost disaster," the research firm said.
"Rising debt + rising interest costs – debt servicing cost disaster."
Meanwhile, the government's debt servicing costs hit $475 billion in 2022, up 35% from the $352 billion spent to service the national debt in 2021.
Debt servicing costs will likely increase to $663 billion this year, the CBO estimated, with total interest payments on the debt potentially mounting to $10.6 trillion over the next 10 years.
Rising debt servicing costs pose trouble for markets and economy.
Persons:
Stephen Pavlick, Pavlick, that's, Glenmede
Organizations:
Service, Macro, Congressional, Office, Committee, Federal Budget, Fed, CBO, New York Fed
Locations:
Wall, Silicon