Exploding US national debt interest payments driven by higher rates and increased debt supply

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The US government's annual interest payments have ballooned from $523 billion to $1.3 trillion, driven by the refinancing of old debt at higher rates and the issuance of new debt due to deficits. This situation is exacerbated by investors demanding higher returns on long-term US Treasury bonds to compensate for rising inflation, increased debt supply, and general uncertainty, with the average interest rate on US debt rising from 1.77% in 2020 to 3.49% today.