Servicing the public debt could cost the US one-seventh of budget spending
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Interest spending on the US government debt at the end of April 2023 (for the first seven months of the 2023 fiscal year, which runs from October 1 to September 30) amounted to $460.26 billion, or 12.75% of all federal budget spending, follows from the latest data from the US Treasury, which studied Vedomosti. This corresponds to about 1.7% of US GDP.
The share of interest spending in the expenditure side of the budget has been growing dynamically since the beginning of the pandemic. At the end of fiscal year 2020, they amounted to $522.77 billion, or 7.99% of all budget expenditures, after which they increased to $562.39 billion (8.24%) in 2021 and $718.75 billion (11.46% ) in 2022. This is more than the GDP of Kazakhstan ($197.11 billion) or Austria ($480.37 billion) in 2021, Russia’s GDP then amounted to $1.78 trillion, follows from the data of the World Bank.
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