Recent reports and statements from lawmakers and financial analysts highlight a concerning fiscal trend for the United States: interest payments on the national debt, currently at $1.1 trillion, have now surpassed the country's defense spending for fiscal year 2024. The Congressional Budget Office (CBO) has confirmed this shift, indicating a significant financial challenge ahead. Calls for fiscal responsibility have intensified, with suggestions including the implementation of a balanced budget amendment to the Constitution. Additionally, projections suggest that, without intervention, interest expenses, expected to reach $1.6 trillion, will continue to escalate, potentially overtaking social security as the largest government expenditure by the end of 2024.
Now that rate cuts are off the table, interest on US debt - currently the second biggest government outlay at $1.1 trillion - will surpass social security and become the single biggest US expense before the end of 2024 at $1.6 trillion. https://t.co/OQYjHhOks9
Now that rate cuts are off the table (absent another bank crisis) debt on the US interest - currently the second biggest government outlay - will surpass social security and become the single biggest US expense before the end of 2024. https://t.co/OmadiL3wGf
The latest report from the CBO found that the federal government has spent more on paying interest on the national debt than on the military in fiscal year 2024. America must WAKE UP and realize the severity of our debt crisis! https://t.co/qi8o3YKcLK
Interest payments on the national debt have officially exceeded our total defense spending. The federal government needs to learn to live within its means — just like every family in America. Congress needs to pass a balanced budget amendment to the Constitution now!
Interest Payment On Runaway Federal Spending Now Exceeds Defense Expenses https://t.co/1vcIdK5yEi