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Watchdog: National Debt’s interest will be second largest government expenditure for ’24

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Joe Biden

According to a new Committee for a Responsible Federal Budget (CRFB) analysis of the latest Congressional Budget Office projections, interest on the U.S. national debt is on pace to become the “second largest” federal government expenditure for 2024.

Just The News reports The CRFB characterizes interest on the national debt — currently climbing to $35 trillion — as the “fastest growing” part of the federal government’s annual budget. The CRFB’s February report adds that “As a share of the economy, debt will grow from 97 percent of Gross Domestic Product (GDP) in Fiscal Year (FY) 2023 – twice the 50-year historical average of 48 percent – to a record 106 percent of GDP by 2028.”

“Net interest payments will exceed both defense and Medicare spending this year, in FY 2024, according to new projections from the Congressional Budget Office (CBO). That will make interest the second largest government expenditure,” according to the budget watchdog’s analysis.

“Net interest has been exploding over the past few years, with payments rising from $223 billion in 2015 to $352 billion in 2021 before nearly doubling to $659 billion in 2023. In 2024, CBO projects net interest will total $870 billion, a near-record 3.1 percent of Gross Domestic Product (GDP),” the CRFB noted.

According to the CRFB, federal spending on interest had “already topped the Medicaid budget and all spending on children” in 2023.

“At a projected $870 billion, interest will surpass current spending on national defense ($822 billion) in 2024 and grow well beyond the defense budget over time,” the organization said.

“Interest costs will also slightly exceed net Medicare spending ($851 billion) this year and remain in line with Medicare costs in future years. That would make interest the second largest line item in the budget after Social Security,” the CRFB also said.

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Economy

Analysis: the 7.2 million illegals Biden has let enter the U.S. is larger than the population of 36 states

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For those who can’t comprehend the magnitude of what the Biden administration’s poor border policies have done, the nearly 7.3 million migrants who have illegally crossed the southwest border  on Biden’s watch is a greater amount than the population of 36 individual states.

A Fox News analysis looked at data from U.S. Customs and Border Protection (CBP), which shows the total number of southwest land border encounters since Biden assumed office in 2021 is 7,298,486. The CBP already reported 961,537 border encounters in the current fiscal year, which runs from October through September.

Fox News reports:

If the current pace of illegal immigration does not slow down, fiscal year 2024 will break last year’s record of 2,475,669 southwest border encounters — a number that by itself exceeds the population of New Mexico, a border state.

That is larger than the population of 36 U.S. states, including Alabama, Alaska, Arkansas, Colorado, Connecticut, Delaware, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, West Virginia, Wisconsin and Wyoming.

The analysis found that compared to the largest U.S. states, the 7.3 million number is about 18.7% of California’s population of 39 million; 23.9% of the state of Texas and its 31 million residents; 32.3% of the population of Florida; and 37.3% of New York. It’s more than half the size of Pennsylvania, Illinois and Ohio.

Were the number of illegal immigrants who entered the U.S. under President Biden gathered together to found a city, it would be the second-largest city in America after New York. And the total does not include an estimated additional 1.8 million known “gotaways” who evaded law enforcement, which would make it bigger than New York.

This unprecedented surge in illegal immigration isn’t an accident. It is the result of deliberate policy choices by the Biden administration,” said Eric Ruark, Director of Research for Numbers USA, a nonprofit that advocates for immigration restrictions.

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