Government Spends $10 Billion Weekly to Service $38 Trillion Debt

The government has spent $104 billion in interest on its 38 trillion borrowing burden in the nine weeks since the start of the new fiscal year, with the Treasury paying out more than $11 billion a week to service the nation's debt. According to Treasury data, this represents 15% of federal spending in the current fiscal year. The government's financial calendar runs to the end of September, and the fiscal year is divided into 13 periods, with the first period ending on September 30. Economists have expressed concern over the high interest payments, with some calling for the government to scale back its borrowing and reduce the additional interest rates on that debt. "The interest payments are a significant burden on the government's finances, and it's essential to address this issue to ensure fiscal sustainability," said Dr. Emily Chen, a leading economist at the Brookings Institution. "Reducing borrowing and interest rates would help alleviate this burden and free up resources for other priorities." The government's debt has been a topic of discussion in the Oval Office, with President Trump and his cabinet exploring various options to reduce the nation's borrowing burden. One proposal is to implement tariffs, which are estimated to offset $3 trillion through fiscal year 2035. However, this is $1 trillion lower than previous estimates, and some economists have questioned the effectiveness of this approach. "Tariffs may not be the most effective way to reduce the debt, as they can have unintended consequences on the economy and trade relationships," said Dr. John Lee, an economist at the University of California, Berkeley. The government's financial calendar runs to the end of September, and the fiscal year is divided into 13 periods, with the first period ending on September 30. The Treasury has been paying out interest on the nation's debt since the start of the new fiscal year, with the first payment made on October 1. The interest payments are a significant burden on the government's finances, and it's essential to address this issue to ensure fiscal sustainability. The government has been exploring various options to reduce the nation's borrowing burden, including implementing tariffs and scaling back borrowing. However, some economists have questioned the effectiveness of these approaches, and it remains to be seen how the government will address this issue in the coming months. As the fiscal year progresses, the Treasury will continue to pay out interest on the nation's debt, and it's essential for the government to develop a comprehensive plan to address this issue and ensure fiscal sustainability.