Interest Paid on Gov't Debt to 'Dwarf Virtually Every Federal Expense'
11:01 AM, Mar 26, 2014 • By DANIEL HALPER
The Republican side of the Senate Budget Committee has put together this chart showing that payments on the interest of federal debt will "dwarf virtually every federal expense" in 2024:
The chart is based on Congressional Budget Office projections. "The U.S. gross federal debt currently stands at $17.548 trillion, and net interest payments to our creditors are the fastest-growing item in the budget. In 2014, the Congressional Budget Office projects that the nation will spend $233 billion on interest payments. By the end of the budget window in 2024, however, CBO forecasts that interest payments will nearly quadruple to an astonishing $880 billion. Every dollar spent paying our creditors is a dollar wasted—money for which we get nothing in return. Interest payments threaten to crowd out every other budget item," the minority side of the Senate Budget Committee explains in an email.
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