Annual Interest on National Debt Now Eclipses Entire Military Budget

Annual Interest on National Debt Now Eclipses Entire Military Budget

 

redstate.com

By The Heartland Institute

This week, President Joe Biden released his 2025 budget request, which includes a whopping $7.3 trillion in federal spending. According to the Biden administration, the president’s latest budget demonstrates his “commitment to fiscal responsibility.”

On January 20, 2021, the day Biden was inaugurated, the national debt registered at $27.7 trillion. A little more than three years later, the national debt now stands at $34.5 trillion.

Four years from now, the national debt is projected to reach $46.6 trillion, and that is with no new spending initiatives.

Of course, this does not mean that the Biden administration is completely to blame for the nation’s financial mess. Sadly, profligate spending is one of the few bipartisan activities that is still alive in Washington, DC these days.

Read Full Article Here…(redstate.com)

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