U.S. spending on interest tops national defense, Medicare

Mon, May 13th 2024 at 10:17 AMWASHINGTON - NOVEMBER 06: The early morning sun strikes the U.S. Capitol November 6, 2006 in Washington, DC. Midterm elections take place November 7, potentially changing the balance of power in the nation's capital. hit $514 billion in the first seven months of fiscal year 2024. That's more than spending on both national defense and Medicare . Medicare is the federal health insurance program for those 65 and older and younger people with disabilities.

U.S. interest spending is expected to increase in the coming years. In March, the Congressional Budget Office"interest costs more than double in relation to GDP between 2024 and 2054, driven by rising interest rates and growing debt."federal spending is projected to remain unsustainable in the decades to come.

"The federal government faces an unsustainable long-term fiscal path," according to the U.S. Government Accountability Office report. "We project that debt held by the public as a share of the economy will more than double over the next 30 years and will grow faster than the economy over the long term if current revenue and spending policies are not changed."

Source: Loan Digest (loandigest.net)

National Defense Medicare Fiscal Year Federal Budget Social Security Congressional Budget Office U.S. Government Accountability Office

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