Soaring interest costs are set to exceed all defense spending this year, with the gap only growing over the next decade as lawmakers stare down major fiscal problems.
This year, the United States will be shackled with $870 billion in payments on net interest. That is nearly 5.7% more than the $822 billion the government will spend on national defense, according to budget projections from the Congressional Budget Office.
Interest costs exceeding annual defense costs for the first time is an indication of the problems that will arise thanks to borrowing that soared during the pandemic and has remained high even as the economy has recovered.
The government shells out more money, by far, on its military and defense than any other country in the world. Yet, that category of spending is set
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