The Congressional Budget Office’s latest analysis reveals that U.S. interest payments on the national debt reached a staggering $882 billion in FY 2024, surpassing the $874 billion allocated to national defense. This milestone underscores the alarming growth in federal interest obligations, which have now become the fastest-rising part of the budget.
The federal deficit for FY 2024 hit $1.8 trillion, the third-largest in history, exceeded only by the two peak years of the COVID-19 pandemic. Despite an increase in revenues, federal spending surged by over $617 billion under the Biden-Harris administration, representing a 10% year-over-year rise.
This concerning trend highlights the escalating financial burden posed by the national debt and the unsustainable cost of servicing it, now surpassing even defense expenditures.
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