Interest. Or to be more precise, interest payments. That, Heritage Senior Fellow J.D. Foster explains, is the biggest reason why Americans should be very concerned with the trillions of dollars in debt our federal government is piling up in Washington. Watch: And the situation is only going to get worse under President Barack Obama’s budget. Heritage Foundation fellow Brian Riedl reports:
Late this December, the Unites States Treasury will reach the $12.1 trillion statutory ceiling on the national debt. It will mark the 91st time Congress has had to raise the debt limit since the original $43 billion ceiling was established in 1940. Many on the left argue that the United States federal government can borrow and spend as much money as it wants, and that any concerns about what it might cost us in the future are just a Phantom Menace. But as the chart to the right shows, we …
