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Interest on national debt to become second largest government expenditure in '24: Watchdog says
Interest payments on national debt will exceed defense and Medicare spending this year, according to a Committee for Responsible Federal Budget analysis of Congressional Budget Office data
justthenews.com
Interest payments on national debt will exceed defense and Medicare spending this year, according to a Committee for Responsible Federal Budget analysis of Congressional Budget Office data.
"Net interest has been exploding over the past few years, with payments rising from $223 billion in 2015 to $352 billion in 2021 before nearly doubling to $659 billion in 2023. In 2024, CBO projects net interest will total $870 billion, a near-record 3.1 percent of Gross Domestic Product (GDP)," the CRFB noted.
According to the CRFB, federal spending on interest had "already topped the Medicaid budget and all spending on children" in 2023.
"At a projected $870 billion, interest will surpass current spending on national defense ($822 billion) in 2024 and grow well beyond the defense budget over time," the organization said.
