With rising interest rates, the US annual spending bill for 2023 will be F'd

[JEDI]

The Fed Reduced Short-Term Rates, but Interest Costs Remain High

Higher short- and long-term Treasury rates mean that the federal government's borrowing costs will also rise.

www.pgpf.org

with low interest rates, the US doesnt pay that much interest to service it's debt.
with rising interest rates, interest payments will take a larger % of federal revenue.
And the fed fund rate went from .25% to 2.5% this year (so far). 😱

I predict the annual budget deficit will either rise or programs will be cut to service the rise in interest payments and/or increase in corporate taxes and the wealthy.
Lets see what Biden's proposal for 2023 is...

 

[ivwshane]

Debit and deficit don’t really matter, what matters is that the spending the government does do is effective in achieving program goals and that those goals are worthy of tax payer dollars.

 

[dank69]

Good thing most of it is just money we owe to ourselves, eh?

 

[Thump553]

You are mixing apples and oranges. The Fed fund rate is the rate the Federal Reserve charges as a creditor to banks that do overnight borrowing with the Fed. An increase in the Fed fund rate increases income to the Fed. Look at the rates the federal government pays on it's debt (treasury bills and the like) to determine what the cost of rising interest rates are to the public debt. Here's the official projections of the ten year T-bill rates will be over the next decade:

Interest on the National Debt and How It Affects You

The interest on the national debt is how much the federal government pays on the outstanding public debt. Learn how it's calculated and what it means for you.

www.thebalance.com

Without a doubt the interest cost part of the national debt will rise, but nowhere near the rates you show. For 2022 the projection is 1.7%.

 

[Meghan54]

Lets see what Biden's proposal for 2023 is...

Don’t elect any more Republicans? They seem to be quite “interfaced” with simultaneous deficit/debt expansion and Federal revenue decreases.