Worthy Christian News > US News > US Interest Payments to Cost More Than Entire Defense Budget, $31 Trillion Debt Points to ‘Very Precarious Future’

US Interest Payments to Cost More Than Entire Defense Budget, $31 Trillion Debt Points to ‘Very Precarious Future’

Thursday, December 15, 2022 | Tag Cloud Tags: debt, interest | Learn about our FREE SYNDICATION Service | Sign up for our Worthy Briefs! | Printer Friendly

(Worthy News) – The Federal Reserve announced on Wednesday it’s raising interest rates by another half point in an effort to stifle America’s crushing inflation problem. While this is smaller than the three quarter-point hikes from the past four Fed meetings, it’s still double the customary quarter-point raise.

“We have raised interest rates by four and a quarter percentage points this year,” said Federal Reserve Chair Jerome Powell. “We continue to anticipate that ongoing increases in the target range for the federal funds rate will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% overtime.”

As the Federal Reserve fights its war on inflation with repeated, unusually high interest rate hikes, it’s not just the American people paying more to borrow money, but the federal government, too. In fact federal interest payments are on track to cost more than the defense budget in the coming years. [ Source: CBN News (Read More…) ]

Don’t rely on social media to see what matters — get the Worthy Brief by email.

people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

Ukrainian Drone Strikes Kill At Least 13 Deep Inside Russia (Worthy News Radio)

Archaeologists Uncover Church Tied to Nicaea—Where Christianity Made a Historic Break From Its Jewish Roots

Massive 7.4 Earthquake Rocks Colombia as Powerful Quakes Again Shake the World

Trump’s ‘D.C. Safe Again’ Crackdown Marks One Year With 16,000 Arrests

Trump Turns Up Economic Pressure on Iran as Rial Collapses and Regime Faces Deepening Crisis

Pakistan Christians Fear Blasphemy Violence Despite Crackdown (Worthy News In-Depth)

Netanyahu Launches National AI Program, Vows Israel Will Become Global Power

Deadly Russia-Ukraine Strikes Escalate As Kyiv Seeks More Weapons

Sudanese Pastor, Six Others Executed After Arrest in Nuba Mountains

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.