Federal Debt Interest Will Dwarf Every Department Soon. Can This Lead To Anything But Disaster?

CBO: Interest Alone On U.S. Debt To Close In On $1 Trillion Within The Next 10 Years

March 27, 2014 by Ben Bullard 

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The latest analysis from the Congressional Budget Office reveals that the interest on existing and projected U.S. debt is on track to approach $1 trillion over the next decade.

Jeff Sessions (R-Ala.), the ranking minority member of the Senate Budget Committee, posted this infographic to demonstrate how the interest on the Federal debt alone stacks up against every major Federal appropriations expenditure in 2014:

As the graphic shows, ten years’ worth of interest payments on projected U.S. debt is nearly 50 times greater than the money our government will spend on the space program in 2014. In fact, it’s almost four times greater than the Federal government will spend this year on every major appropriations-funded program. CBO estimates a cumulative interest load of $880 billion by 2024; for perspective, the current Federal debt stands at approximately $17.5 trillion, with an estimated 2014 interest payment of $230 billion.