Worthy Christian News > US News > The Government Is Set To Spend More On Debt Payments Than The Entire Defense Budget

The Government Is Set To Spend More On Debt Payments Than The Entire Defense Budget

Tuesday, November 1, 2022 | Tag Cloud Tags: debt | Learn about our FREE SYNDICATION Service | Receive Christian headlines and prayer alerts! | Printer Friendly

(Worthy News) – Interest on federal debt is set to skyrocket, potentially surpassing defense spending by as early as 2025, CNN reported Tuesday.

The federal government made $475 billion in net interest payments in the fiscal year 2022 — which ended in September — up from $352 in fiscal year 2021, according to the Treasury Department. The number exceeds the $406 billion spent on transportation and veterans’ benefits, and is on track to eclipse the roughly $750 billion spent on defense this year between 2025 to 2026, according to CNN, citing financial analytics firm Moody’s Analytics. (‘Reckless’: Obama Economist Tears Apart Biden’s Student Loan Forgiveness)

“Regardless of who wins the midterms or in 2024, there are really difficult decisions that will have to be made,” Dan White, an economist at Moody’s Analytics, told CNN. “This is really going to handcuff them.” [ Source: Daily Wire (Read More…) ]

Start your day with Christian news and biblical encouragement from Worthy News.

people are currently praying.

Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.

💡 Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.

📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌

Discuss this article in our forums

Latest Worthy News

Record-Low Danube Forces Nuclear Shutdown in Romania, Threatens Hungary (Worthy News Radio)

India Church Leader Arrested Over Facebook Comment As Christians Voice Concern

Pakistan Christians Reel From Blasphemy Cases, Mob Violence And Abuse (Worthy News Focus)

U.S. Jobless Claims Remain Low as Labor Market Holds Steady

WHO Warns Congo Ebola Outbreak Could Become Deadliest in History

Israel Resumes Preemptive Gaza Strikes as Hamas Disarmament Deal Stalls

Trump Administration Announces $2 Billion for Christian Aid Groups After USAID Overhaul

Danube Nuclear Crisis Deepens As Hungary Questions Russian Expansion (Worthy News In-Depth)

U.S. Sending Fresh Aircraft Carrier to Middle East

Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.