Skip to comments.Payments on Interest to Exceed Defense Spending by $125 Billion [Under President's Budget Plan]
Posted on 10/24/2012 6:34:15 AM PDT by Cincinatus' Wife
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:
(Excerpt) Read more at weeklystandard.com ...
I’m looking forward to Big Media trying to downplay the significance of America’s first budget passed in years next year.
I’m waiting to see what Congress and the White House are going to do between Nov. 6 and the end of the year.
Of course the White House will also be busy selling pardons and such -— the list will be long and telling.
And we’re throwing money around the world like it’s candy. Other than Israel, no foreign country should get our money without something tangible in return. Period.
God help us when Interest rates tick up.