Wednesday, September 06, 2023

Interest on national debt on pace to eclipse entitlements, defense spending amid funding battles

The U.S. Congress has been reckless and irresponsible for many years with regards to budget deficits and federal debt.

National debt now is at 123% of GDP!

Reforms like balanced budget requirement are urgently needed!

"Sustained deficit spending by the U.S. government helped push the national debt up to a jaw dropping $31.38 trillion in 2023, according to U.S. Treasury data. Fiscal watchdogs are now predicting that the interest alone on that debt will soon eclipse both entitlements and defense spending as a major component of the annual budget. ...
At the same time that the national debt is at a record high, interest payments in mid-2022 stood at just under $600 billion ..."

Interest on national debt on pace to eclipse entitlements, defense spending amid funding battles | Just The News Criticism of sustained deficit spending prompted house Republicans earlier this year to pressure the White House to make budgetary concessions in the Fiscal Responsibility Act that aimed to address the nation's runaway spending. The debt service may soon exceed that of major allocations.

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