{"id":100252,"date":"2021-03-11T09:00:57","date_gmt":"2021-03-11T14:00:57","guid":{"rendered":"http:\/\/kendallharmon.net\/?p=100252"},"modified":"2021-03-11T07:27:37","modified_gmt":"2021-03-11T12:27:37","slug":"crfb-how-high-are-federal-interest-payments","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=100252","title":{"rendered":"(CRFB) How High Are Federal Interest Payments?"},"content":{"rendered":"<p>This year, the federal government will spend <strong>$300 billion<\/strong> on interest payments on the national debt. This is the equivalent of nearly <strong>9 percent of all federal revenue collection <\/strong>and over <strong>$2,400 per household. <\/strong>The federal government spends more on interest than on transportation, education, and research and development combined. The household share of federal interest is larger than average household spending on many typical expenditures, including gas, clothing, education, or personal care.<\/p>\n<p>Despite historically low interest rates, this significant interest cost is the result of high levels of debt. This cost could be even worse if interest rates rise. Each one percent rise in the interest rate would increase FY 2021 interest spending by roughly $225 billion at today\u2019s debt levels. Growing debt levels not only add to the likelihood of such increases, but also the cost and risk associated with them.<\/p>\n<p>This brief puts these interest payments in context. Estimates are based on CBO\u2019s February 2021 baseline and do not incorporate the effects of the American Rescue Plan.<\/p>\n<p><a href=\"https:\/\/www.crfb.org\/papers\/how-high-are-federal-interest-payments?emci=4e5823f9-ad81-eb11-85aa-00155d43c992&#038;emdi=4b85b8db-be81-eb11-85aa-00155d43c992&#038;ceid=81261\">Read it all<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">How High Are Federal Interest Payments? <a href=\"https:\/\/t.co\/kNdbDaZh5l\">https:\/\/t.co\/kNdbDaZh5l<\/a> via <a href=\"https:\/\/twitter.com\/BudgetHawks?ref_src=twsrc%5Etfw\">@budgethawks<\/a><\/p>\n<p>&mdash; Nadia Sindi (@nadiasindi) <a href=\"https:\/\/twitter.com\/nadiasindi\/status\/1369912510942355458?ref_src=twsrc%5Etfw\">March 11, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This year, the federal government will spend $300 billion on interest payments on the national debt. This is the equivalent of nearly 9 percent of all federal revenue collection and over $2,400 per household. The federal government spends more on<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=100252\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[670,168,151,669,584],"tags":[],"class_list":["post-100252","post","type-post","status-publish","format-standard","hentry","category-budget","category-ethics-moral-theology","category-politics-in-general","category-the-national-deficit","category-the-u-s-government"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/100252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=100252"}],"version-history":[{"count":3,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/100252\/revisions"}],"predecessor-version":[{"id":100257,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/100252\/revisions\/100257"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=100252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=100252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=100252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}