Reported 26 days ago
In 2024, the U.S. government is projected to spend $1.2 trillion on interest payments, the highest ever recorded, largely due to pandemic-related deficit spending and the Federal Reserve's interest rate hikes. This amount potentially surpasses military spending for the first time, as rising interest payments are expected to reach 3.9% of GDP in the next decade. The outcomes of the upcoming elections may further affect the trajectory of the federal budget and deficit, with various proposals from both parties aiming to adjust taxes and spending.
Source: YAHOO