Higher Interest Rates and the National Debt
Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
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Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.
One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
As the largest program in the federal budget, Social Security is a critical part of our nation’s fiscal picture and vital to millions of elderly recipients.
https://www.pgpf.org/blog/2023/06/without-reform-social-security-could-become-depleted-by-2033
Many Americans, young and old, may be confused by the complex set of issues that comprise how the government raises revenues and allocates them.
https://www.pgpf.org/blog/2023/06/what-is-fiscal-policy-interactive-teaching-tools
“America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation."
“Voters understand the urgency of our fiscal challenges, and that’s why they want lawmakers to take concrete steps to secure our future,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/06/fci-press-release
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for April 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-april-2023
If lawmakers do not agree on raising or suspending the debt limit before the extraordinary measures are exhausted, there would be severe consequences.
https://www.pgpf.org/analysis/2023/06/debt-ceiling-update-whats-at-stake
“Unfortunately, this bill does little to address our long-term fiscal challenges," said Michael A. Peterson.
“As the national debt grows continually while the ceiling deadline inches closer, voters have an unprecedented level of concern about our fiscal outlook,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/05/fci-press-release