The US will be 'drowning in debt' over the next 30 years as interest costs rise
this year, the CBO estimated, with total interest payments on the debt potentially mounting to $10.6 trillion over the next 10 years.
Rising debt servicing costs pose trouble for markets and economy. Historically, national debt servicing costs exceeding 14% of national revenue leads to a"," Glenmede said in a previous note, which could weigh on the economy and corporate profits. Stocks and the economy are already on shaky footing as high rates tighten financial conditions and raise the risk of recession. Though more economists are warming up to the possibility of a soft-landing, the New York Fed has priced in a
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