Question
Until recently, the U.S. government was paying historically low rates on its debt, largely because of the Federal Reserves efforts to keep interest rates low
Until recently, the U.S. government was paying historically low rates on its debt, largely because of the Federal Reserves efforts to keep interest rates low during and after the Great Recession. But interest rates on federal debt have begun rising again. In fiscal 2018, the average interest rate on the public debt was 2.492%, compared with 2.232% in fiscal 2016, according to the Treasury Department. In June, the average interest rate had risen to 2.567%. Assume the federal governments total debt stands at $22.023 trillion. What is the amount of Net Interest payments the USA will pay this year on the national debt (measured in USD). Please ensure your answer is accurate to one USD.
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