Posted 3/3/2024, 4:08:59 AM
U.S. Interest Payments on Debt to Exceed Defense Budget in 2024
- U.S. government expected to spend $870 billion on interest payments in 2024 fiscal year
- Interest spending will surpass $822 billion national defense budget for the first time since 1940
- Interest payments projected to become 2nd largest government expense after Social Security
- Interest spending as percentage of GDP rising from 1.6% in 2020 to estimated 3.1% in 2024
- National debt currently stands at over $34 trillion
