Thanks to NPR:
Note that if inflation comes along, entitlements automatically go up more. And if interest rates go up to deal with the inflation, interest spending could easily double or triple pretty quickly. Of the $10.4 trillion in debt held by the public, $1.6 trillion is in T-bills (paying pretty much no interest at all), and $6.8 trillion is in Notes with average maturities of only a few years, and average interest rates of 2% or less. In the space of only a year or two and the yield curve moving up by only one or two percent, our spending on interest could easily double.
If we care about any of the “everything else” – or about being able to continue to borrow at such low rates – we’ve really got to get some sane reform to our spending (and, some major overhaul to our tax system) going. A pox on both major parties for playing these games with our economic future.