Reported 5 months ago
The United States' federal budget has reached a concerning milestone as interest payments on the national debt have now surpassed defense spending, with interest expenses totaling $514 billion in the first seven months of fiscal year 2024. This marks the first time in history that the US will spend more on interest payments than on national defense. The ballooning interest payments are attributed to the increasing annual deficits and rising interest rates, with the government now facing a total federal debt of $34.6 trillion. This unsustainable situation could lead to less money for other government expenditures in the future.
Source: YAHOO