This is how much of your tax money goes to servicing US national debt
FILE-In this photo illustration, a person counts $100 bills. (Photo Illustration by Valera Golovniov/SOPA Images/LightRocket via Getty Images)
Rising interest on the national debt in the U.S. is soaring at such a rate that it’s absorbing almost half of all personal income taxes.
New data from the Committee for a Responsible Federal Budget shows that roughly 39 cents of every dollar paid in personal income taxes has gone toward paying down the interest on the national debt.
Interest payments on the national debt are a growing portion of the federal budget and may top Medicare and defense spending this year, FOX Business reported, referencing projections from the Congressional Budget Office (CBO).
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According to FOX Business, payments will likely triple from close to $475 billion in fiscal 2022 to a staggering $1.4 trillion in 2032. And by 2053, interest payments could increase to $5.4 trillion.
Total interest on the national debt is projected in 2024 to rise to a record 3.1% of the gross domestic product, which measures goods and services produced in the U.S. FOX Business notes that this percentage is expected to rise to 3.9% by 2034.
In January, national debt exceeded $34 trillion after a flurry of spending by President Joe Biden and Democratic legislators and it’s on the brink of eclipsing $35 trillion.
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Since September 2022, Biden has approved about $4.8 trillion in borrowing, including $.185 trillion for a COVID-19 relief measure known as the American Rescue Plan and $370 billion for the bipartisan infrastructure bill, FOX Business reported, citing the Committee for a Responsible Federal Budget, an advocacy group for reducing the deficit.
The commander-in-chief has defended the spending by his administration, touting that they have slashed the nation’s deficit by $1.7 trillion.
FOX Business contributed to this report. This story was reported from Washington, D.C.