The annual cost of government borrowing has doubled in the past 19 months US interest payments on its national debt are estimated to have surged above $1 trillion on an annualized basis as of the end of October, according to a Bloomberg report this week. The calculations were based on US Treasury data, which discloses the government’s monthly outstanding debt balances and the average sum of interest it pays. The annualized cost of debt has doubled in the past 19 months as rising interest rates have made borrowing more expensive and represented 15.9% of the entire federal budget for fiscal year 2022 as of las
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