U.S. interest payments poised to hit $1 trillion this fiscal year

The U.S. debt is soaring, the federal deficit is climbing, and interest payments are skyrocketing.

Is this Bidenomics or swamponomics?

Either way, the cost of servicing America’s debt has surged 25 percent in the current fiscal year, from October to June, totaling $652 billion.

Is it possible that interest payments hit $1 trillion this year?

If so, it would be higher than the Congressional Budget Office’s projection of $600 billion.

It is truly astounding.

Meanwhile, the Treasury statement revealed federal spending increased 15 percent to $646 billion and tax receipts fell 9.2 percent to $418 billion.

Ouch.

Here is a look at interest payments since 1947: