Every day, the U.S. government spends $2.4 billion just on interest on the national debt. Projections indicate that within a decade, interest payments on the debt will surpass what the country spends on Medicare, Medicaid, or discretionary defense items.
The United States covers its budget deficit by selling U.S. Treasury securities, which are repaid with interest. A handful of foreign countries, mostly U.S. friends and allies, are the main foreign holders of our debt.
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