They figure the interest cost the U.S. pays to service the debt each year will more than double to 3.1% of GDP by 2016 from 1.3% in 2010.
Net interest expense will triple to an all-time high of $554 billion from $185 billion, Treasury says, meaning we’ll pay more to service our debt than to protect our nation. The defense budget stands at $525 billion.
There’s nothing like paying high interest on the interest of the interest. Berry make George look so thrifty and sane!