Interesting Times: The Federal Government (and the Taxpayers') Cost of Borrowing
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Serial Number
Levin Center Identifier
Document Date
2017-03-21
Report Length
1 page
Policy Agendas Project Major Code
Policy Agendas Project Minor Code
Additional, Minority, Dissenting Views
Report Type
Found Using Methodology
Yes
Commission(s)
Idependent Author(s)
Brief Executive Summary
From the Senate Committee on Homeland Security and Governmental Affairs, the Subcommittee on Federal Spending Oversight and Emergency Management led by Senator Rand Paul issued a weekly waste report on the debt ceiling. The reports finds that the national debt as $20.36 trillion with a net interest of $295 billion, increasing by approximately $1 trillion and $40 billion respectively from the prior year. The report takes issue with a "failing to balance the federal budget" which means that a considerable portion of paid taxes are only covering interest payments.