From 2008 to 2019, federal revenues are projected to grow by $1.45 trillion, but extra interest payments on the public debt of $550 billion will soak up nearly 40% of those extra tax dollars.Agreed--be very afraid. Unless you take comfort from the fact that President Obama plans to focus on deficit reduction in his State of the Union address two months from now.
Here is another: Consider that in 2008, Washington spent about half as much on interest payments ($253 billion) as it did on the nondefense programs that it budgets on an annual basis ($508 billion).
Those nondefense outlays cover homeland security, education, job training, housing assistance, veterans’ health, science, workplace safety, transportation, the environment and foreign aid.
But by 2019, interest costs would reach $800 billion under the Obama budget compared with $720 billion in spending on nondefense discretionary programs.
(via Ed Morrissey)