U.S. on a Course to Spend More on Debt Than Defense

Rising interest costs could crowd out other government spending priorities and rattle markets

Kate Davidson and

Daniel Kruger

Nov. 11, 2018 7:00 a.m. ET

In the past decade, U.S. debt held by the public has risen to $15.9 trillion from $5.1 trillion, but financing all of that debt hasn’t been a problem. Low inflation and strong global demand for safe U.S. Treasury bonds held the government’s interest costs down.

That’s in the process of changing.

Interest rates are rising as inflation normalizes...