US interest payments are set to rise even higher: US interest expense on national debt hit a record 1.2 trillion over the last 12 months. To put this into perspective, defense spending was 900 billion during the same period. If rates remain FLAT, interest payments are set to hit 1.5 trillion by the end of the year, doubling in just 4 years. Even if the Fed cuts rates by 100 basis points, interest costs will still hit ~1.3 trillion in 2025. This all assumes the economy will avoid a recession or any material economic slowdown. This is a crisis.