The major issue for the US at the moment is servicing the debt. At 4% interest rates (current rates, this will go higher though), servicing the debt costs $1.25

The major issue for the US at the moment is servicing the debt. At 4% interest rates (current rates, this will go higher though), servicing the debt costs $1.25 trillion per year. This means the US government needs to find a way to raise about another $750 billion in taxes every year, but probably closer to $1 trillion as interest and debt increases. $1 trillion more in tax every year. Not to start new government programs. Not to adequately fund existing programs. None of that. $1 trillion more simply to maintain the status quo of paying interest on the debt. The CBO estimated before interest rates increased that by 2050, the US government will spend 50% of tax revenue on debt interest payments. This is likely a much higher percentage now with interest rates going through the roof. And finally, I will note that the average weighted maturity of government debt is less than 5 years, and falling. This means that the treasury is constantly rolling over old debt into new debt at the new interest rates. 25% of the federal debt is in t-bills, which have maturities between 4 weeks and 52 weeks. This means that the $8 trillion in outstanding t-bills will all be refinanced at 4%+ rates in less than a year.