America's debt is getting more expensive

With global borrowing costs on the rise, the U.S. government is feeling the pinch as it spends more on interest payments than on defense. Annual interest costs have surged to $1.2 trillion, surpassing defense spending, highlighting a significant shift in fiscal priorities. This trend underscores the growing financial strain on the government as it refinances old debt at higher rates, raising concerns about long-term fiscal sustainability and the impact on public services and future economic growth.