[Salon] Interest Costs Just Passed Defense & Medicare, Debt Could Explode with Extensions, & Adding Up Ukraine Aid

[Chas Freeman <cwfresidence@gmail.com>]

 

April 8 - May 13

Interest Costs Just Surpassed Defense and Medicare

In the first seven months of Fiscal Year (FY) 2024, spending on net interest has reached $514 billion, surpassing spending on both national defense ($498 billion) and Medicare ($465 billion). Overall spending has totaled $3.9 trillion thus far. Spending on interest is also more than all the money spent this year on veterans, education, and transportation combined. 

Read the analysis.

   

Debt Surges With Extensions

Based on new estimates from the Congressional Budget Office (CBO), debt could reach 132 percent of Gross Domestic Product (GDP) by Fiscal Year (FY) 2034 under an alternative scenario where discretionary spending grows with the economy and expiring provisions, such as those from the Tax Cuts and Jobs Act (TCJA), are extended. Under this alternative scenario, deficits would reach 8.6 percent of GDP by 2034 and interest costs would reach 4.4 percent of GDP.

Read the analysis.

   

Congressionally Approved Ukraine Aid Totals $175 Billion

With the recent passage of the national security supplementals, Congress has now approved nearly $175 billion of aid and military assistance to support the Ukrainian government and allied nations two years after Russia launched its invasion. The most recent national security-related supplemental includes $61.7 billion for Ukraine, 64 percent of the total budget authority included within the law, with the remainder dedicated to Israel and the Indo-Pacific region. This is on top of the $113.1 billion of emergency spending previously approved throughout 2022.

Read the analysis.

   

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