U.S. interest payments surpass 2023 defense budget

A caller fiscal paradigm is emerging successful the U.S. arsenic the government’s involvement payments outpace its defence fund for the twelvemonth 2023.

Data sourced from the Federal Reserve reveals an unprecedented displacement with $969.9 cardinal spent connected involvement payments successful Q2 2023, dwarfing the President’s FY 2023 fund petition for the Department of Defense (DoD) of $773 billion.

This marks a important departure from years of prioritizing defence spending arsenic the U.S. grapples with mounting debts.

While this displacement does not suggest an contiguous fiscal crisis, it points to the larger implications for the U.S. economy, perchance influencing aboriginal fiscal argumentation decisions and impacting the nation’s socio-economic fabric.

Chart showing the Department of Defense fund from 2001 to 2023 (Source: U.S. Department of Defense)

Graph showing the national government’s expenditure connected involvement payments from 1950 to 2023 (Source: Federal Reserve)

The station U.S. involvement payments surpass 2023 defence budget appeared archetypal connected CryptoSlate.