U.S. fiscal policy response to the pandemic has been enormous, and likely necessary, but it also has accelerated the build-up of Federal government debt. According to the CBO, federal debt, which reached 100% of GDP in the last fiscal year, is expected to rise to a record 107% of economic output by 2031.
However, it's not just a question of how much debt is outstanding, but rather what it costs to service that debt. Even as the amount of debt issued by the U.S. Treasury has hit record levels, interest costs on the national debt, relative to the size of the economy, are expected to fall over the next few years to levels lower than at any time since the early 1970s.
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