Interest is now more expensive than defense spending.
Will interest costs fuel America’s debt crisis? The ocean of red ink flooding the nation’s capital has garnered renewed attention over the past year. But taxpayers should not expect anything to change because politicians on both sides of the aisle are furrowing their brows and expressing concern rather than taking the necessary action to prevent Uncle Sam from falling off a fiscal cliff. Maybe they realize it is too late, and the country is at the point of no return. If so, they might be right.
Interest Accelerating the Debt Crisis
The Congressional Budget Office (CBO), a non-partisan budget watchdog, released the latest Monthly Budget Review, identifying that the fiscal year-to-date budget deficit is $1.2 trillion. The report revealed that revenues and spending were…
