Are We Borrowing a Million Dollars a Minute?

Aug 7, 2015 | Budgets & Projections

In talking about foreign aid in the context of his proposed budgets, Sen. Rand Paul (R-KY) said that the federal government is “borrowing a million dollars a minute.” This claim is correct based on the current projection for debt in FY 2015. CBO projects that debt will increase by $586 billion during this fiscal year, or about $1.1 million per minute.

Ruling: True