Loading ...Interest Payments Top Defense Spending For First Time In History – Thank You Kamala
On Friday, the Treasury Department released a report showing the kind of impact Harris is talking about. If nothing else does, it should cost her the election.
Among the terrible results: The federal deficit topped $1.8 trillion in 2024 — the third highest in history and eclipsed only by the two COVID-19 panic spending years.
That’s not for lack of revenues, which were up by nearly half a trillion dollars this year. Spending under Biden-Harris this fiscal year climbed more than $617 billion – a 10% increase.
But the real shocker is the explosive growth in interest payments on the national debt.
These payments hit $882 billion in FY 2024, the Treasury report says. That’s a 35% jump from last year.
And it’s $8 billion more than we spent on National Defense.