Payments on Interest to Exceed Defense Spending by $125 Billion

In a decade, federal spending to pay for the interest on America’s debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to projections from the Congressional Budget Office and the Office of Budget Management. The projections are based on President Barack Obama’s current budget plan. …In fact, the interest payments are likely to be even higher, since these assumptions are based on the historically low interest rates remaining the same (which is not likely over the course of the next decade). “If interest rates rise just one percentage point above baseline projections, the government would pay an additional $1 trillion in interest payments over ten years,” the Republican side of the Senate Budget Committee comments.

 Payments on Interest to Exceed Defense Spending by $125 Billion | The Weekly Standard

 This shocking possibility is still a decade out according to the CBO and OBM, but now is the time to start turning the Titanic…