Interest Expense Rising

I hear hurricanes a blowin'
I know the end is coming soon
I hear rivers overflowin'
I hear the voice of rage and ruin
--Creedence Clearwater Revival

Another consequence of higher interest rates: more money paid by the federal government to service debt.

If interest rates should double from here, cost to service federal debt goes north of $trillion. And imagine having to borrow even more in an increasing interest rate environment.

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