Entitlements and defense spending could be eclipsed with debt’s interest.
The U.S. Treasury Department released data that shows government spending increased the national debt to $31.38 trillion in 2023. Federal watchdogs now project that the interest on the debt could soon eclipse both entitlements and defense spending as a major part of the national budget.
According to a report from the Committee for a Responsible Federal Budget, interest payments in mid-2022 were just under $600 billion. Debt service, the report says, is predicted to exceed defense spending either later this year or in 2026, contingent on interest rates.
The Inflation Reduction Act and American Rescue plans increased government debt, as the government authorized $750 billion and $1.9 trillion in federal spending alongside the nation’s usual budget expenses.
As the Lord Leads, Pray with Us…
- For Treasury Secretary Yellen as she oversees the management of the federal finances.
- For members of the House and Senate as they take up the budget for the 2024 fiscal year.
- That the president and administration officials would consider spending reductions for the sake of the national debt.
Sources: Just The News, Washington Post
