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The interest on our colossal national debt is the nation’s second-largest expense. And the situation is only getting worse. DenisProduction.com / Shutterstock.com
The nation’s Medicare and defense programs are expensive. But the cost of the national debt surpasses each of them. During the first seven months of fiscal year 2024, the U.S. spent $514 billion on net interest, according to the nonpartisan, nonprofit Committee for a Responsible Budget. The nation spent $465 billion on Medicare and $498 billion on national defense during the same period.
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