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The escalating national debt is not just a matter of size; it's also about how much interest the government has to pay. In 2020, the government spent $523 billion on interest payments. As for the current fiscal year, it has already paid $478 billion in just over six months, with a projected $1.13 trillion for fiscal 2024—more than double that of four years ago.

To understand this growing issue, it is essential to grasp how the government finances its debt. The US government has income, through taxes and other means, but its expenses far exceed its revenues. Fiscal year-to-date, it has earned $1.89 trillion while spending $3.04 trillion, creating a significant deficit that needs to be financed through borrowing.