US Interest Payments Hit $1 Trillion for 2024 Amid Rising National Debt

The U.S. government has spent over $1 trillion on interest payments for its nearly $35 trillion national debt this year, according to the Treasury Department. This marks a 30% increase from the previous year. Net interest payments, after accounting for government investment earnings, totaled more than $800 billion, ranking just below Social Security and Medicare. The August budget deficit surged to $380 billion, pushing the 2024 deficit close to under $2 trillion. Treasury yields have fallen recently, with the Fed expected to lower rates slightly next week.