The Congressional Budget Office estimates the interest payments will surpass Medicaid costs within 18 months and that they will exceed all national defense spending by 2023.As the federal budget transitions into auto-pilot spending, mandatory budget obligations will force out discretionary spending, the things we call the "government." Who's going to care if the government shuts down when there's one forest ranger left?
By 2025, the CBO figures interest costs will surge past the combined totals of all non-defense discretionary programs together, including funding for national parks, scientific research, health care, education, the court system and infrastructure.
Between now and 2023 nearly three-quarters of the federal debt will mature and must be refinanced at whatever the presumably higher interest rates are in effect then.
Thursday, December 27, 2018
Hot Air: "A Stunner: National Debt Interest Will Soon Exceed National Defense Spending."