In its report released last week, the Congressional Budget Office (CBO) projected there will be $6.074 trillion in new national debt over the next 10 years if current laws governing taxing and spending are maintained.
In other words, the U.S. Treasury will need to borrow an additional $6 trillion between 2011 and 2020 to cover expected federal spending.
The CBO report adds: “With such a large increase in debt, plus an expected increase in interest rates as the economic recovery strengthens, interest payments on the debt are poised to skyrocket.”
“The government’s annual spending on net interest will more than triple between 2010 and 2020 in nominal terms, from $207 billion to $723 billion, and will more than double as a share of GDP, from 1.4 percent to 3.2 percent.”
For a refresher on how much a Trillion dollars is:
A trillion is a thousand billion dollars!
If you spent $1,000 per second, it would take almost 30 years to spend 1 trillion dollars!
Or if you spent a million dollars every day since Jesus was born, you still wouldn't have spent a Trillion!
One trillion $1 bills stacked one on top of the other would reach nearly 68,000 miles (about 109,400 kilometers) into the sky, or about a third of the way from the Earth to the moon.