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

AP

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.