The net interest on the federal debt exceeded defense spending in the first half of fiscal year 2024 as government spending piles up and interest rates remain high, according to a report from the Congressional Budget Office (CBO).
Net interest on the U.S. government’s public debt cost an estimated $440 billion in the first half of fiscal year 2024 from October to March, compared to $308 billion in the same period in fiscal year 2023, an increase of 43%, according to the CBO. Spending on the U.S. military only increased 8% in that same time frame, from $386 billion to $412 billion. (RELATED: ‘Enormously Naive’: JPMorgan CEO Slams Biden’s Natural Gas Pause, Issues Warning About Economy)
Total spending for the first half of fiscal year 2024 increased to around $3.25 trillion compared to $3.15 trillion last year, a gain of 6%, according to the CBO. The deficit reached $1.1…
