U.S. spending on interest tops national defense, Medicare

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Just the News

Congress has spent more money on interest so far this year than it has spent on both national defense and Medicare.

Spending on net interest hit $514 billion in the first seven months of fiscal year 2024. That's more than spending on both national defense ($498 billion) and Medicare ($465 billion). Medicare is the federal health insurance program for those 65 and older and younger people with disabilities. During the same time period, the U.S. spent $873 billion on Social Security, the federal program that provides retirement, disability, survivor, and family benefits to more than 67 million Americans.

Overall spending has totaled $3.9 trillion so far this fiscal year.

"Spending on interest is also more than all the money spent this year on veterans, education, and transportation combined," according to the Committee for a Responsible Federal Budget.