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Alarming Crisis: Interest Costs on National Debt Now Exceed Spending on Defense and Medicare

In the first seven months of fiscal year 2024, U.S. spending on net interest surged to $514 billion, surpassing expenditures on defense ($498 billion) and Medicare ($465 billion). This significant increase in interest payments, now the second-largest budget item, raises concerns about U.S. economic stability. Policy experts warn that rising debt will continue to pressure interest rates and crowd out other government priorities. The national debt, which has more than quadrupled over the past decade, currently exceeds $34.5 trillion. The Federal Reserve's rate hikes and increased borrowing costs have exacerbated the situation. Without reforms, interest costs are projected to become the most expensive budget item by 2051, threatening long-term economic stability. Read More.