BREAKING: US annual interest expense is up to a record 18.5% of federal government revenue. This is officially above the previous record of 18.4% set in 1991. This percentage has more than QUADRUPLED over the last 4 years as interest expenditures on public debt skyrocketed. US annual interest expense now stands at a record $1.25 trillion, more than 4x the level seen in 1991. Meanwhile, the 30Y Treasury yield is trading at ~5.21%, just 13 basis points from its highest level since 2007. By comparison, the 30-year yield was oscillating at ~8.00% in 1991, underscoring how much the US debt burden has grown since then. The US debt crisis is in uncharted territory.

BREAKING: The US government is now running a primary budget deficit of -3.59% of GDP, the largest among major advanced economies. The primary budget deficit EXCLUDES the $1.1+ trillion in interest payments on existing government debt. This is followed by the UK at -3.51% of the country’s GDP. Belgium, France, Austria, and the Euro Area run primary budget deficits of -2.14%, -1.97%, -1.66%, and -1.40%, respectively. In other words, even excluding the cost of servicing existing debt, which is the 2nd-largest US government expenditure, even larger than defense spending, the US deficit is the biggest relative to GDP among all major advanced economies. US deficit spending is out of control.