Interest on debt to nearly quadruple over decade - CBO
For the next few years, deficits are looking pretty good. But the interest owed on the country's cumulative debt is set to nearly quadruple over the next decade.
The Congressional Budget Office projects that interest will be $233 billion this year, or 1.3% as a share of the economy.
By 2024, it will reach $880 billion, or 3.3% of GDP. That means interest will account for the lion's share of the $1.1 trillion deficit projected for that year and will come close to what will be spent on Medicare.
Interest costs will jump for two reasons. The first is the improving economy, which is expected to push what have been historically low interest rates to higher, more typical levels.
SNIP
The thing about large and growing interest payments is that they consume tax revenue that could otherwise be spent on the country's priorities.
In contrast to the rapid growth of interest spending, outlays for defense programs and domestic programs -- such as education, infrastructure, disaster relief and law enforcement -- are on track to fall to their lowest levels since 1962.
More at Link:
http://money.cnn.com/2014/02/04/news/economy/budget-outlook-interest-on-debt/index.html?hpt=po_c2
It's a CNN article, but the data is from the CBO so it's factual.