"Rising National Debt: U.S. Interest Payments Exceed Defense Spending for First Time Since 1940"

The US government is projected to spend a record $870 billion on interest payments for the 2024 fiscal year, surpassing its budget for national defense for the first time since 1940, according to the Committee for a Responsible Federal Budget (CRFB). This spending is expected to exceed Medicare expenses and become the second-largest government expense, trailing only Social Security. The national debt currently stands at $34.332 trillion, and interest spending is on track to reach 3.1% of GDP this year, exceeding the previous record set in 1991.