Interest on the U.S. national debt is set to exceed the entire defense budget of $822 billion for fiscal year 2024 as Republican leaders in the House of Representatives weigh spending $95 billion on foreign aid.
Congressional Budget Office Director Phillip Swagel warned that that the growing $34 trillion national debt’s interest payments will cost more than the entire defense budget this fiscal year. “We have more debt and we have higher interest rates,” he said on Fox Business Network on Tuesday. “It makes us more vulnerable as well with more debt if interest rates go yet higher, it’s like a turbocharger with our interest payments going up.”
According to a recent Committee for a Responsible Federal Budget analysis, interest will exceed defense spending and Medicare payments in fiscal year 2024.
“Spending on interest is projected to total $870 billion, while spending on national defense will total $822 billion. This has never […]
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