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Interest on the debt to double within ten years

Posted: January 10, 2013 at 4:00 pm   /   by

When you’re driving and you see that you’re headed straight for a brick wall, what do you do?

If you’re normal, you slow down and change your direction of travel. But Washington, D.C., is anything but normal.

How does half a trillion dollars a year just in interest payments sound? For perspective, that’s about a third of the entire budget deficit for 2011.

And all of this assumes that interest rates will remain at their current historic lows, which they probably won’t.

Iceberg, dead ahead!