But wait. You aint's seen nothing yet. At this rate of growth, total US debt will surpass:
- $17 trillion on June 10, 2013;
- $18 trillion on March 23, 2014;
- $19 trillion on January 3, 2015; and
- $20 trillion on October 16, 2015
The US Interest payments on debt amounts to $323 Billion in 2012. That represents an average of 2% interest rate. If interest rates return to normal levels of 4%, the interest payments would eventually double to $646 Billion. That bill in 2015 will be $800 billion, or greater than our already bloated defense budget today.