Under Biden, We Are Now Spending More On Debt Interest Than Defense

By Daniel Walker | May 5, 2024

Government spending

During the initial half of fiscal year 2024, the Congressional Budget Office (CBO) reported that the interest payments on the federal debt surpassed the expenditure on defense.

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Getty Images

This reflects the accumulation of government spending alongside persistent high interest rates. 

Public debt

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via NBC News

The net interest on the U.S. government's public debt amounted to an estimated $440 billion from October to March in fiscal year 2024.