In a decade, federal spending to pay for the interest on America's debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to projections from the Congressional Budget Office and the Office of Budget Management. The projections are based on President Barack Obama's current budget plan.
Here's a chart from the Republican side of the Senate Budget Committee that shows 2022 national defense spending vs. net interest payments:
In 2022, under Obama's budget, national defense spending will be $618 billion per year, while net interest payments will be $743 billion.
In fact, the interest payments are likely to be even higher, since these assumptions are based on the historically low interest rates remaining the same (which is not likely over the course of the next decade). "
Overall, his budget would increase federal spending 58% - from a budget size of $3.6 trillion today to $5.9 trillion in 2022, and increase gross federal debt by 72 percent.
The result of all this debt is that interest payments on the debt are one of the fastest growing budget items. We will be borrowing money just to pay the interest on the money we’ve previously borrowed. By the year 2019, we will actually be paying more in annual interest payments than in annual defense spending. By the last year of the President’s budget, interest payments will exceed our nation’s entire defense budget by 19 percent.