U.S. interest spending becomes second-largest U.S. expense

by ian

 

Interest payments on the federal debt are now the second-biggest national expense behind Social Security.

Federal spending on net interest topped $514 billion in the first seven months of the fiscal year. That outstrips spending on national defense and Medicare.

The Committee for a Responsible Federal Budget warns that interest on federal debt is accelerating. It nearly doubled from 2020 to 2023 and is now on track to reach $870 billion by the end of this year. Budget hawks say interest payments will spiral out of control unless Congress takes action.

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