The U.S. government's interest burden on its public debt has already exceeded $1 trillion this year, marking the first time that interest costs have crossed the $1 trillion threshold.
The Treasury Department said Thursday that interest payments totaled $1.05 trillion in the first 11 months of the fiscal year, up 30% from a year ago. It was the first time interest payments had topped $1 trillion.
President Joe Biden and Vice President Kamala Harris have claimed to have addressed the US budget deficit, but data released on Thursday showed it was up 24% in the first 11 months of the current fiscal year compared with the previous period.
The Treasury Department said Thursday that the federal budget ran a $380 billion deficit in August, after a surplus in August last year after the Supreme Court rejected Biden's attempt to shift student loan debt from borrowers to taxpayers.
Year to date, the budget deficit stands at $1.9 trillion.
