The federal government is expected to have to spend more servicing the country’s massive national debt this year than it will spend on defense or Medicare as interest payments skyrocket, according to a report by the Congressional Budget Office (CBO).
The U.S. federal government is projected to spend $870 billion toward servicing its debt in fiscal year 2024, up from $659 billion in FY 2023, with payments growing to $951 billion in FY 2025, which starts in October of this year, according to the CBO. The U.S. is projected to spend $822 billion on defense in FY 2024 and $940 on Medicare in FY 2025.
[Source.](https://dailycaller.com/2024/02/08/govt-pay-more-interest-defense-medicare/)
>
The federal government is expected to have to spend more servicing the country’s massive national debt this year than it will spend on defense or Medicare as interest payments skyrocket, according to a report by the Congressional Budget Office (CBO).
>
The U.S. federal government is projected to spend $870 billion toward servicing its debt in fiscal year 2024, up from $659 billion in FY 2023, with payments growing to $951 billion in FY 2025, which starts in October of this year, according to the CBO. The U.S. is projected to spend $822 billion on defense in FY 2024 and $940 on Medicare in FY 2025.
(post is archived)