US interest bill now exceeds defence spending, Wigglesworth says

What was said

"Yes. Uh for the first time in almost a century in fact since World War II and it's it's huge and that's because you know the US borrows a lot of money has borrowed a lot of money in the past but also that debt is becoming more expensive as interest rates have gone up."

Discussing US public finances, Wigglesworth says debt interest costs have overtaken annual defence spending, which he dates as the first time since the Second World War. He links the increase to both the scale of outstanding borrowing and the refinancing of previously low-rate debt at higher yields.