A brand new fiscal paradigm is rising within the U.S. as the federal government’s curiosity funds outpace its protection funds for the 12 months 2023.
Knowledge sourced from the Federal Reserve reveals an unprecedented shift with $969.9 billion spent on curiosity funds in Q2 2023, dwarfing the President’s FY 2023 funds request for the Division of Protection (DoD) of $773 billion.
This marks a big departure from years of prioritizing protection spending because the U.S. grapples with mounting money owed.
Whereas this shift doesn’t counsel a right away monetary disaster, it factors to the bigger implications for the U.S. economic system, doubtlessly influencing future fiscal coverage choices and impacting the nation’s socio-economic material.
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