Legislative Branch

Don't Default - Save $1.4 Trillion per Year

We pay about 5% on long-term debt. Greece pays 15%. If we default and start paying 15% like Greece, it will cost an additional $1.4 trillion per year in interest, based on 10% times debt of $14 trillion. The additional $1.4 trillion in interest is equivalent to about 2/3 of the federal government's annual revenue.

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Idea No. 8863