December 12, 2023

Young, Colleagues Sound the Alarm on Rapidly Rising Cost of Servicing National Debt

Washington – U.S. Senators Todd Young (R-Ind.) and Steve Daines (R-Mont.), along with a group of their Senate Republican colleagues, sent a letter to the Congressional Budget Office (CBO) highlighting their concerns with the rising cost of servicing the nearly $34 trillion national debt.

“Driven by out-of-control federal spending and rising interest rates, the U.S. spent $659 billion on servicing the federal debt in Fiscal Year 2023, a $184 billion increase from the previous year and nearly double the cost from just three years ago. Since March 2022, the Federal Reserve has raised interest rates eleven times, pursuing such an aggressive rate-hiking campaign in an effort to combat the out-of-control inflation that has hung over the U.S. economy for years as a result of trillions of dollars in reckless partisan spending passed by congressional Democrats and signed into law by President Biden. Future rate hikes and higher-for-longer rates are likely as elevated inflation remains a major concern for American households who continue to see the purchasing power of their wages erode,” the senators wrote.

In addition to Senators Young and Daines, Senators John Cornyn (R-Texas), Mike Crapo (R-Idaho), Bill Hagerty (R-Tenn.), John Thune (R-S.D.), Thom Tillis (R-N.C.), John Barrasso (R-Wyo.),  Bill Cassidy (R-La.), Marsha Blackburn (R-Tenn.),Katie Britt (R-Ala.), Cynthia Lummis (R-Wyo.), Ron Johnson (R-Wis.), and James Lankford (R-Okla.) also signed the letter.

The full letter can be found here.