Soar­ing inter­est costs to exceed defense spend­ing as gov­ern­ment faces fis­cal reck­on­ing

Soaring interest costs to exceed defense spending as government faces fiscal reckoning

Soar­ing inter­est costs are set to exceed all defense spend­ing this year, with the gap only grow­ing over the next decade as law­mak­ers stare down major fis­cal prob­lems.
This year, the Unit­ed States will be shack­led with $870 bil­lion in pay­ments on net inter­est. That is near­ly 5.7% more than the $822 bil­lion the gov­ern­ment will spend on nation­al defense, accord­ing to bud­get pro­jec­tions from the Con­gres­sion­al Bud­get Office.
Inter­est costs exceed­ing annu­al defense costs for the first time is an indi­ca­tion of the prob­lems that will arise thanks to bor­row­ing that soared dur­ing the pan­dem­ic and has remained high even as the econ­o­my has recov­ered.
The gov­ern­ment shells out more mon­ey, by far, on its mil­i­tary and defense th …