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Feb 8, 2024
The Gov’t Will Spend More On Interest This Year Than Defense Or Medicare
The Gov’t Will Spend More On Interest This Year Than Defense Or Medicare
(Photo by Alex Wong/Getty Images) The federal government is expected to have to spend more servicing the country's massive national debt this year than it will spend on defense or Medicare as interest payments skyrocket, according to a report by the Congressional Budget Office (CBO). The U.S. federal government is projected to spend $870 billion toward servicing its debt in fiscal year 2024, up from $659 billion in FY 2023, with payments growing to $951 billion in FY 2025, which starts in October of this year, according to the CBO. The U.S. is projected to spend $822 billion on defense in FY 2024 and $940 on Medicare in FY 2025. (RELATED: Biden Says The Economy Is Booming. So Why Are All These Companies Laying People Off?) Net interest is expected to be over $1.6 billion in 2034, nearly double from FY 2024, according to the report. The projected total deficit is expected to be $1.58 trillion in 2024, slightly lower than the actual $1.68 trillion defi
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