00:00It's Benzinga, bringing Wall Street to Main Street.
00:03Publicly held federal debt has surpassed the size of the U.S. economy,
00:06crossing 100% of GDP for the first time since 1946. The national debt is projected to reach
00:12$39.4 trillion as decades of borrowing and legislative inaction drive interest costs
00:18higher. U.S. public debt interest expenses reached a record $1.35 trillion over the past 12 months,
00:24according to Creative Planning's Charlie Bolello. Monthly interest payments totaled
00:28$185 billion in June, making them the federal government's second largest budget item behind
00:34the Department of Health and Human Services. While conventional theory links large deficits
00:39to inflation, some analysts argue rising debt service costs could slow investment
00:43and produce deflationary pressure. For all things money, visit Benzinga.com.
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