Per an email update from the nonpartisan Committee for a Responsible Federal Budget, net interest cost has almost doubled with in the US annual federal budget. Here are a few paragraphs which tell the story:
“According to final data from the Treasury Department, net interest costs reached $659 billion (2.5 percent of GDP) in fiscal year 2023, a $184 billion increase from the previous year. In this piece, we explain that:
Interest costs nearly doubled over the past three years, from $345 billion in 2020 to $659 billion in 2023. Interest is now the fourth-largest government program, behind only Social Security, Medicare, and defense.
The federal government in 2023 spent more on net interest than it did all spending on children, and it also spent more on interest than most major programs or program areas including Medicaid, veterans’ programs, food and nutrition programs, and education.
Interest is currently the fastest growing part of the federal budget. After growing from $221 billion in 2013 to $345 billion in 2020, it has nearly doubled to $659 billion in 2023. Relative to the economy, net interest costs grew from 1.6 percent of GDP in 2020 to 2.5 percent in 2023.”
This is an alarm bell that needs to wake up all politicians in both parties. Putting it bluntly, neither party addresses the debt and deficit very well. For all of the chest beating that Republicans do, when they have been in charge of the White House and both branches of government they have handled these issues poorly making it worse. Raising the issue in a crisis planning mode to pass a budget is an attempt to mask that malfeasance. While Democrats have tended to do better about the debt and deficit (Clinton handed Bush a surplus budget, eg), they are still lacking in addressing the issue.
Per the nonpartisan CFRB and the bipartisan Simpson-Bowles Deficit Reduction Committee, we must have spending cuts and tax increases to address our problem. Democrats don’t want to hear the former and Republicans don’t want to hear the latter. They are both being tone deaf.
Note, if nothing is done, it will not take long for the interest cost to become the number one spend. Just think of your mortgage and credit card debt being too large a part of your own budget. In the last fiscal year ending last month, the US interest cost was over 10% of our expenses of $6.1 trillion, but about 15% of the revenue of $4.4 trillion.
We must take action, but fact based deliberate discussion needs to occur. Armed with data and telling lobbyists to wait outside, we can make a dent. Otherwise, our malfeasance will be harmful to things we must do.
musingsofanoldfart 
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Many thanks for the reblog.
Note to Readers: It is not ironic what a group of people can do when armed with good data and no outside influences. As microcosm of the larger debt problem, I have seen a facilitated exercise where at some group meeting (like a business, rotary or education session) is divided into tables of six or so attendees with the purpose of solving the Social Security financing shortfall. Armed with data on the projected cost savings and increases with various changes (increased taxable wage base, increased FICA tax, delayed normal retirement, etc.) each table can solve our Social Security question issue in about 1 hour.
Just think of doing that would Congress. Instead of listening to people who like to blow things up or hear themselves talk, something could actually get done.
Note to Readers II: One of the biggest changes to cut the deficit was something referred to as sequestration which was designed as a fall back position in case both parties could not come to an agreement, which they failed to do. So more onerous cuts in the sequestration effort (crafted by Speaker John Boehner and President Barack Obama) kicked in.
This national debt business, is all BS, to whom is this money owed?
How can a government that is supposedly $trillions in debt, keep spending?
A dollar is just a peace of paper, take it to a bank and cash it for what? Yes, you are correct, they will give you another paper dollar! You’d have to ask, is it worth the paper it’s printed on?
Jon, I wish I could agree with you, but unfortunately cannot. We just borrow more. Since we do pay our interest cost religiously, folks like China, Saudi Arabia, et al lend us money. One of the big troubles for us is we are borrowing to pay operational costs, when it should be for capital expenditures. So, it is no joke or at least the joke is on us. Keith
Keith, I ask once again, “How can a government that is supposedly $trillions in debt, keep spending?”
The world’s economy is like a pack of cards, governments debt will never be paid off, in fact they will keep increasing. This is a nonsense, sooner or later the shit will hit the fan. This all reminds me of the Swedish match fiasco or the early 1900’s, followed by the wall Street crash.
Jon, as long as people lend us money, we will spend it. And, therein lies the problem. Keith
Keith, sad to say, I think you are right. Woe is us.