Interest On National Debt Vs. Defense Spending
In a decade, interest on the national debt will exceed total federal spending on the defense budget by $125 billion, or 20 percent, according to CBO.
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Washington's Spending Insanity Must Be Stopped
We're now borrowing to pay interest on what we've already borrowed.
In a decade, federal spending to pay for the interest on America's debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to CBO. In fact, the interest payments are likely to be even higher, since these assumptions are based on the historically low interest rates remaining the same, which is not likely over the course of the next decade. "If interest rates rise just 1% point above baseline projections, the government would pay an additional $1 trillion in interest payments over ten years."
Overall, Obama's budget would increase federal spending 58% - from a budget size of $3.6 trillion today to $5.9 trillion in 2022.
Meanwhile the U.S. Debt Machine rolls on, borrowing $3 million per minute.
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