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Interest Payments on Debt Will Exceed Defense Budget in Five Years under President's Plan

The Senate Budget Committee Republican staff found in a new analysis of President Obama’s proposed budget that interest payments on debt will be larger than the defense budget in five years, according to the Weekly Standard.

A chart produced by the Senate Budget Committee Republican staff shows interest exceeding the defense budget by 2020.

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The chart is a conservative estimate based on historically low interest rates. "If interest rates rise from historic lows more quickly than expected, interest costs could exceed defense sooner," according to the chart.

Published under: Government Spending