Payments on Interest to Exceed Defense Spending by $125 Billion
In a decade, federal spending to pay for the interest on America’s debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to projections from the Congressional Budget Office and the Office of Budget Management. The projections are based on President Barack Obama’s current budget plan.
Here’s a chart from the Republican side of the Senate Budget Committee that shows 2022 national defense spending vs. net interest payments:
In 2022, under Obama’s budget, national defense spending will be $618 billion per year, while net interest payments will be $743 billion.