The rising cost of U.S. borrowing
The U.S. government is borrowing more, and paying more to do so.
Federal interest costs have already overtaken several major budget categories and are on track to rival defense spending as rates remain elevated and debt levels continue to climb.
With structural deficits driven by demographics, entitlement spending, and higher refinancing costs, debt sustainability is moving from a long-term concern to a near-term fiscal challenge.
Source: https://rsmus.com/insights/economics/growth-of-government-debt-and-consequences.html
