A new fiscal paradigm is emerging in the U.S. as the government’s interest payments outpace its defense budget for the year 2023.
Data sourced from the Federal Reserve reveals an unprecedented shift with $969.9 billion spent on interest payments in Q2 2023, dwarfing the President’s FY 2023 budget request for the Department of Defense (DoD) of $773 billion.
This marks a significant departure from years of prioritizing defense spending as the U.S. grapples with mounting debts.
While this shift does not suggest an immediate financial crisis, it points to the larger implications for the U.S. economy, potentially influencing future fiscal policy decisions and impacting the nation’s socio-economic fabric.
Chart showing the Department of Defense budget from 2001 to 2023 (Source: U.S. Department of Defense)
Graph showing the federal government’s expenditure on interest payments from 1950 to 2023 (Source: Federal Reserve)
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