AxiosCenter·
America's debt is getting more expensive
Governments around the world are entering a new era of higher borrowing costs already deeply indebted . More revenue will go toward interest payments as old debt gets refinanced at today's higher rates. America is already watching that dynamic play out: Annualized interest costs have reached $1.2 trillion, exceeding defense spending. What they're saying: "The government consistently rolls over portions of its debt at market prices, so the effective interest it pays on its entire debt stock slow…
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