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US government pays $3 billion in interest every day from its national debt

Citing data from the Treasury Department, a chief economist from a multinational investment giant has estimated the US pays $3 billion a day in interest.

US government pays $3 billion in interest every day from its national debt
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A new estimate from a chief economist at an American multinational investment firm that primarily focuses on assets has shone a light on how much interest the US government is paying every day on the national debt.

US government pays $3 billion in interest every day from its national debt 9856

The estimate comes from Apollo Global Management's Torsten Sløk, a chief economist at the company, who wrote on the official blog for the asset management company the US government is now paying on average $3 billion a day in interest expenses, which includes weekends. The new post by the chief economist cites data from the US Treasury Department, and the $3 billion in interest every day is up from the $1.5 billion the US government was paying at the beginning of 2022.

Reports estimate that continuing at this pace, the US government will pay a staggering $1.157 trillion in interest for the full fiscal year 2024. According to the Treasury Department's own data, the national debt is expected to hit a new record of $35.346 trillion by September 9, and as of September 17th, it's currently $35.378 trillion. "If the Fed cuts interest rates by 1%-point and the entire yield curve declines by 1%-point, then daily interest expenses will decline from $3 billion per day to $2.5 billion per day," writes Sløk

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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms.

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