Welcome back to OnThePoint. This is Greg C. Truax with a jaw-dropping stat from the Committee for a Responsible Federal Budget.
Brace yourselves: the fastest-growing item in the federal budget isn’t a shiny new program or a major social initiative—it’s interest expense!
This fiscal year, net interest spending has skyrocketed to a staggering $514 billion, surpassing what we spend on national defense and Medicare. It’s also more than the combined spending on veterans, education, and transportation.
The culprits? Soaring interest rates and ballooning debt. Sure, cutting the federal budget deficit would help slash these interest costs, but that would need some serious fiscal reforms and political will power.
So don’t hold your breath for a quick fix.
From the NewsTalk 1040 studios, this is Greg C. Truax.
Greg C. Truax is president of GCTMediaGroup, a film production studio, online magazine publisher, radio commentator, and creator of written and broadcast opinion commentary.