We’re Now Spending More On Debt Interest Than Defense, Report Finds
WILL KESSLER
CONTRIBUTOR
April 09, 2024
The net interest on the federal debt exceeded defense spending in the first half of fiscal year 2024 as government spending piles up and interest rates remain high, according to a report from the Congressional Budget Office (CBO).
Net interest on the U.S. government’s public debt cost an estimated $440 billion in the first half of fiscal year 2024 from October to March, compared to $308 billion in the same period in fiscal year 2023, an increase of 43%, according to the CBO. Spending on the U.S. military only increased 8% in that same time frame, from $386 billion to $412 billion. (RELATED: ‘Enormously Naive’: JPMorgan CEO Slams Biden’s Natural Gas Pause, Issues Warning About Economy)
Total spending for the first half of fiscal year 2024 increased to around $3.25 trillion compared to $3.15 trillion last year, a gain of 6%, according to the CBO. The deficit reached $1.1 trillion, just $37 billion less than the same time last year, even as revenues increased 7%, or $140 billion.
https://dailycaller.com/2024/04/09/interest-payment-biden-admin-runaway-debt-exceeds-defense-spending/
