Deeper in Debt
The NY Times reports this morning:
For the first time during President Bush's tenure, the government's interest bill is expected to rise in 2006, from $184 billion in 2005 to $220 billion this year, up nearly 20 percent. That increase -- $36 billion -- makes interest the fastest-growing component of federal spending, and continued brisk growth is likely. According to projections by Congress's budget office, the interest bill will grow to $249 billion in 2007, and $270 billion in 2008.
One other important tidbit. About 45% of those interest payments go to foreign investors, some of them, not wishing the U.S. well, at all. One could argue, we are funding in part, the war against us.
