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Interest on the U.S. national debt is on pace to become the "second largest" federal government expenditure, according to a new Committee for a Responsible Federal Budget (CRFB) analysis of the latest Congressional Budget Office projections.
The CRFB characterizes interest on the national debt -- currently climbing to $35 trillion -- as the "fastest growing" part of the federal government's annual budget. The CRFB's February report adds that "As a share of the economy, debt will grow from 97 percent of Gross Domestic Product (GDP) in Fiscal Year (FY) 2023 – twice the 50-year historical average of 48 percent – to a record 106 percent of GDP by 2028."
"Net interest payments will exceed both defense and Medicare spending this year, in FY 2024, according to new projections from the Congressional Budget Office (CBO). That will make interest the second largest government expenditure," according to the budget watchdog's analysis.
It seems neither party think this is a problem!
Interest on the U.S. national debt is on pace to become the "second largest" federal government expenditure, according to a new Committee for a Responsible Federal Budget (CRFB) analysis of the latest Congressional Budget Office projections.
The CRFB characterizes interest on the national debt -- currently climbing to $35 trillion -- as the "fastest growing" part of the federal government's annual budget. The CRFB's February report adds that "As a share of the economy, debt will grow from 97 percent of Gross Domestic Product (GDP) in Fiscal Year (FY) 2023 – twice the 50-year historical average of 48 percent – to a record 106 percent of GDP by 2028."
"Net interest payments will exceed both defense and Medicare spending this year, in FY 2024, according to new projections from the Congressional Budget Office (CBO). That will make interest the second largest government expenditure," according to the budget watchdog's analysis.
It seems neither party think this is a problem!
statistics: Posted by Rebcop — 5:40 AM - Today — Replies 0 — Views 33