The Dome of the U.S. Capitol Building at sunset seen from Upper Senate Park in Washington, Wednesday, Sept. 27, 2023. Rising interest rates aren’t just socking it to consumers, they’re also tearing a hole in the federal budget.That’s up nearly $200 billion in the last year alone, and nearly double the $345 billion paid in 2020, the last full fiscal year under President Trump.
The interest payments work out to $5,500 for every American household, according to the Peter G. Peterson Foundation, another budget watchdog. The Peterson Foundation released new polling this week showing nearly 90% of voters want to see Congress create a bipartisan fiscal commission to suggest answers.
The commission idea got a boost this week with the election of new House Speaker Mike Johnson, Louisiana Republican.