US Federal Debt Payments Now Exceeds Defense

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U.S. interest payments on its debt are now set to exceed defense spending. This year, federal spending on interest payments is forecast to reach $870 billion, surpassing the $822 billion allocated for defense in 2024. The rising interest costs are driven by factors such as increased debt resulting from tax cuts and pandemic-related aid. While this development raises concerns, it’s essential to recognize that interest payments reflect past financial decisions and can impact funding for critical programs like Social Security and infrastructure.

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