Interest on federal debt is set to skyrocket, potentially surpassing defense spending by as early as 2025, CNN reported Tuesday.
The federal government made $475 billion in net interest payments in the fiscal year 2022 — which ended in September — up from $352 in fiscal year 2021, according to the Treasury Department. The number exceeds the $406 billion spent on transportation and veterans’ benefits, and is on track to eclipse the roughly $750 billion spent on defense this year between 2025 to 2026, according to CNN, citing financial analytics firm Moody’s Analytics.
Read More