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US is spending record amounts servicing its national debt – interest rate hikes add billions to the cost

  • Written by Gerald P. Dwyer, Professor Emeritus of Economics and BB&T Scholar, Clemson University
US is spending record amounts servicing its national debt – interest rate hikes add billions to the costPutting your money where his mouth is.DNY59/E+ via Getty Images

Consumers and businesses aren’t the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes. Uncle Sam is too.

The U.S. government spent a record US$213 billion on interest payments on its debt in the fourth quarter, up $63 billion from a year...

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