View of Signature Bank branch in New York as it was taken over by state FDIC (Federal Deposit Insurance Corporation) and management of the bank was fired. (Lev Radin/Pacific Press/LightRocket via Getty Images)
The cost of managing U.S. government debt has seen a significant rise of 25% in the first nine months of the fiscal year, hitting $652 billion and consequently exacerbating the federal deficit.
U.S. President Joe Biden talks about his proposed FY2024 federal budget during an event at the Finishing Trades Institute on March 09, 2023, in Philadelphia, Pennsylvania. Seen as a preview to his re-election platform, Biden’s proposed budget is projected to cut the deficit by $3 trillion over the next 10 years but will find no support in the Republican-controlled House of Representatives. (Chip Somodevilla/Getty Images)
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