(U.S. News and World Report) In 2012, the U.S. will spend around $220 billion in net interest on its debt, according to the Congressional Budget Office — a figure that is expected to spiral ever higher in coming years.

Erskine Bowles, a co-chair of the president’s bipartisan deficit-reduction commission known as “Simpson-Bowles,” has called the nation’s compound interest burden one of the biggest long-term challenges facing the United States.

Spending will rise to over $1 trillion a year on interest by 2020.

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