Washington Examiner: Interest on the national debt now eats up 18% of our tax revenue

For a fifth year in a row and just eight months into fiscal 2024, the federal deficit has blown past the $1 trillion mark. The nonpartisan Congressional Budget Office concedes that not only will this year’s deficit outpace last year’s, but it will also supersede the CBO’s own previous projection. As usual, the crisis isn’t caused by insufficient tax revenue, which actually rose by 10% from the same period in fiscal 2023. Rather, Uncle Sam continues to dole out too much in mandatory spending, which in turn triggers inflation, which in turn triggers cost-of-living adjustments in that mandatory spending, which in turn jacks up interest rates on the national debt.

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