The Hill News

Last week, the Congressional Budget Office issued a report showing that our deficit for this fiscal year will be $1.5 trillion dollars. Our gross debt will equal 100 percent of GDP. Annual interest payments on our debt will rise to $750 billion by the end of this decade â€" meaning that a one-year interest payment will cost nearly as much as twenty years’ worth of highway construction. The total amount of interest we expect to pay between now and then is $5.4 trillion dollars â€" enough money to fund our entire government for 18 months. 

The situation is so serious that former Federal Reserve Chairman Alan Greenspan warned that we may face a bond market crisis in the next two or three years. 

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