The title should say "50 year old petrodollar pact between Saudi Arabia and US expires." Anyways, I'm curious to see what happens next. I can't see Saudi Arabia ditching the dollar overnight.
"May you live in interesting times" as the (apocryphal) Chinese malediction says.
edit : added missing "discretionary". My mistake (you know, a simple honest error, not a "lie" or whatever).
That is no where close to true, interest on debt last year was 985b, tax revenue was 3.29t
This is not true. Revenue was $4.44 trillion in 2023 [0] and debt interest was $650 billion [1].
[0] https://fiscaldata.treasury.gov/americas-finance-guide/gover...
[1] https://www.crfb.org/blogs/2023-interest-costs-reach-659-bil...
Revenue for 2023 was $4.4T[0], debt servicing cost was $624B. This year it's projected to be in the ~800s.
[0]: https://www.statista.com/statistics/216928/us-government-rev....
If so, it’s like continuously rolling over an Interest Only loan and taking more and more out over time to refinance the ballooning principal.
They’re both massively deficit spending.