US interest payments on national debt top $1 TRILLION per year

According to CNBC, the jump in interest on the national debt per year is up to $1.049 trillion and is a 30 percent increase from the same period a year ago.

Without the interest the government earns on its investments, the net government interest payments in the period have totaled around $843 billion. The payments are higher than any other category of expenses for the federal government with the exceptions of Social Security and Medicare.

The surge in interest payments payable for the US government has come as the deficit for the year has gotten closer to $2 trillion.

In August, the Biden-Harris administration saw a shortfall in its budget of $380 billion, a dramatic shift from the $89 billion surplus that occurred the month before. CNBC reported that the shift in August due to accounting moves involving student debt forgiveness, a policy that President Joe Biden as well as Vice President Kamala Harris have championed.

The news of the high interest payment and the skyrocketing government comes amid concerns over the economy, a consistent top issue among American voters. Earlier this week, Harris faced off in a presidential debate with Donald Trump where the GOP nominee hit Harris on the economy multiple times.

According to voters in a poll after the debate from YouGov, Harris is trailing Trump on several major issues that Americans are concerned about. That includes the economy, where 40 percent of those polled say Trump would do very well on the economy versus 25 percent saying the same for Harris.