The interest rate on the ten year treasury has gone up by about 2% since Biden became president. Since we have 33 trillion in debt and are running a $2 trillion deficit, this has increased our interest payment and will increase our interest to carry our debt to about $1.25 trillion. Our annual tax revenue is about $5 trillion so that is 25% of our annual budget will be interest payments.
Imagine you make $100,000 a year. Your wife has run up a $700,000 credit card debt, and your interest payment is $20,000 a year.