US Government Paying $3,000,000,000 in Interest on National Debt Every 24 Hours: Report

Bitget App

Trade smarter

Bitget

News

Daily Hodl2024/09/14 16:00

By:by Mark Emem

The US is spending a huge amount of cash per day just to cover interest on the national debt, according to the chief economist at the multinational investment giant Apollo Global Management.

Citing data from the Treasury Department, Apollo’s Torsten Sløk says the US government is now spending an average of $3 billion in interest expenses every 24 hours.

That’s up from about $1.5 billion at the start of 2022.

Net interest expense, which has eaten up $763 billion through fiscal year 2024, is now the second-largest budgetary item after Social Security, which is expected to take up $1.213 trillion, according to the latest report from the U.S. Treasury Department.

For the full fiscal year 2024, interest on the national debt is expected to hit $1.157 trillion.

And although rate cuts appear to be on the horizon, Sløk says daily billion-dollar-plus payments are set to continue.

“If the Fed cuts interest rates by 1%-point and the entire yield curve declines by 1%-point, then daily interest expenses will decline from $3 billion per day to $2.5 billion per day.

According to the Treasury Department’s ‘Debt to the Penny’ database, the national debt hit a new record high at $35.346 trillion on September 9th.

As of September 12th, that number stands at $35.273 trillion.

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X , Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Earn new token airdrops

Lock your assets and earn 10%+ APR

Lock now!

1. **Challenges in the Creator Economy**: Web2 content platforms suffer from issues such as opaque algorithms, non-transparent distribution, unclear commission rates, and high costs for fan migration, making it difficult for creators to control their own data and earnings. 2. **Integration of AI and Web3**: The development of AI technology, especially AI Avatar technology, combined with Web3's exploration of the creator economy, offers new solutions aimed at breaking the control of centralized platforms and reconstructing content production and value distribution. 3. **Positioning of the TwinX Platform**: TwinX is an AI-driven Web3 short video social platform that aims to reconstruct content, interaction, and value distribution through AI avatars, immersive interactions, and a decentralized value system, enabling creators to own their data and income. 4. **Core Features of TwinX**: These include AI avatar technology, which allows creators to generate a learnable, configurable, and sustainably operable "second persona", as well as a closed-loop commercialization pathway that integrates content creation, interaction, and monetization. 5. **Web3 Characteristics**: TwinX embodies the assetization and co-governance features of Web3. It utilizes blockchain to confirm and record interactive behaviors, turning user activities into traceable assets, and enables participants to engage in platform governance through tokens, thus integrating the creator economy with community governance.

BlockBeats•2025/11/22 11:23

Empowered by AI Avatars, How Does TwinX Create Immersive Interaction and a Value Closed Loop?

Aster CEO explains in detail the vision of Aster privacy L1 chain, reshaping the decentralized trading experience

Aster is set to launch a privacy-focused Layer 1 (L1) public chain, along with detailed plans for token empowerment, global market expansion, and liquidity strategies.

BlockBeats•2025/11/22 11:22