Treasury Department paid record amount in interest payments toward national debt
PITTSBURGH (KDKA) - Most Americans are shelling out more money to cover interest payments on debt.
The same thing is happening to Uncle Sam.
The Treasury Department paid a record $213 billion in interest payments on the national debt in the fourth quarter of last year. That's up $63 billion from the same period a year earlier.
It also marks the largest quarterly increase on record, up $30 billion from the third quarter.
The hike is mainly due to the Federal Reserve raising interest rates.
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