America's debt is getting more expensive

Governments around the world are entering a new era of higher borrowing costs already deeply indebted. More revenue will go toward interest payments as old debt gets refinanced at today's higher rates. America is already watching that dynamic play out: Annualized interest costs have reached $1.2 trillion, exceeding defense spending. What they're saying: "The government consistently rolls over portions of its debt at market prices, so the effective interest it pays on its entire debt stock…