Interest Payments on Debt to Exceed Defense Budget in 5 Years
3:49 PM, Mar 4, 2014 • By DANIEL HALPER
New analysis by the Senate Budget Committee Republican staff finds that, under President Obama's proposed budget, interest payments on debt will exceed the defense budget in just 5 years.
Here's a chart put together by the Republicans, who are led by Ranking Member Jeff Sessions, on the Senate Budget Committee:
"Interest costs to finance national debt exceed defense spending by FY 2020," the chart reads.
The chart also makes clear that this is a conservative estimate based on interest rates that have been at "historic lows." It reads, "If interest rates rise from historic lows more quickly than expected, interest costs could exceed defense sooner."
President Obama released his proposed budget earlier today.
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