"WASHINGTON — For decades, worries about the exploding national debt—now a staggering $31.3 trillion — were tempered by low interest rates that made it relatively cheap to keep borrowing.

But with interest rates rising rapidly, a long-feared debt crisis could be arriving soon.

Like a consumer grappling with a massive credit card balance, the federal government is paying more just for the interest on the national debt. Government projections show those interest costs tripling from $399 billion this year to $1.19 trillion in 2032. Borrowing most likely will have to increase just to pay for the higher interest expenses.
....

The rising interest payments could siphon money from government programs that invest in expanding the economy, such as scientific research and rebuilding infrastructure. That in turn could slow economic growth, which would lead to more deficit spending.

“It’s the termites under the front porch,” G. William Hoagland, the senior vice president at the centrist Bipartisan Policy Center think tank, said of the growing national debt. “They’re working away at it, you don’t see them, but one day you step out on that porch and you go through it.”"

https://www.msn.com/en-us/news/politics/a-rapidly-growing-death-spiral-how-our-313-trillion-national-debt-is-getting-even-more-expensive/ar-AA15DxdO

On Wednesday, December 28, 2022 at 1:30:21 AM UTC+8, ltlee1 wrote:
> "WASHINGTON — For decades, worries about the exploding national debt—now a staggering $31.3 trillion — were tempered by low interest rates that made it relatively cheap to keep borrowing.
>
> But with interest rates rising rapidly, a long-feared debt crisis could be arriving soon.
>
> Like a consumer grappling with a massive credit card balance, the federal government is paying more just for the interest on the national debt. Government projections show those interest costs tripling from $399 billion this year to $1.19 trillion in 2032. Borrowing most likely will have to increase just to pay for the higher interest expenses.
> ...
>
> The rising interest payments could siphon money from government programs that invest in expanding the economy, such as scientific research and rebuilding infrastructure. That in turn could slow economic growth, which would lead to more deficit spending.
>
> “It’s the termites under the front porch,” G. William Hoagland, the senior vice president at the centrist Bipartisan Policy Center think tank, said of the growing national debt. “They’re working away at it, you don’t see them, but one day you step out on that porch and you go through it.”"
>
> https://www.msn.com/en-us/news/politics/a-rapidly-growing-death-spiral-how-our-313-trillion-national-debt-is-getting-even-more-expensive/ar-AA15DxdO

Total US debt has reached 31 trillion dollars. Nowadays, US yearly budget has crossed over 1 trillion dollar. This means the value of US dollar is getting weaker and weaker.