The United States currently has a debt of $27.4 trillion on its books. Â The debt payments on the national debt of the United States for fiscal year 2020 was $522.77 billion. The budget for the United States in fiscal year 2020 was $4.829 trillion. This would have produced a budget deficit of $966 billion, but with the Covid-19 pandemic, the budget deficit ballooned to an estimated $3.7 trillion deficit for 2020.
The Congressional Budget Office in November of 2019 estimated that the interest on the…
