The U.S. government has spent over $500 billion making interest payments on the national debt in just seven months.
The Committee for a Responsible Federal Budget (CRFB) reports that net interest spending for the first seven months of fiscal year 2024 reached $514 billion, more than was spent on both defense and Medicare.
The huge interest payments exceed the funds spent on veterans, education and transportation combined.
The state of America's balance sheet is coming under increasing scrutiny from the financial community as the national debt approaches $34.8 trillion.
Goldman Sachs CEO David Solomon said in a new interview with Bloomberg that political leaders need to focus on the national debt and budget deficit, but he doesn't think much will change until after the election.
“I think the debt levels, the spending levels in the United States need to be much more focused and have much more of a conversation than they have had in the past. We had a pandemic, we made a lot of decisions in the midst of the pandemic, but the pandemic has passed and the spending levels continue at a pace that is raising the debt levels and creating problems in the future.”
So I think this is an issue that deserves a lot of attention. Right now, it hasn't gotten as much attention as I would like. Of course, this is an election year, so I'm not going to blind myself to reality. I don't think it will get as much attention before the election, but I do think it's an issue that needs to be focused on. We need to address the debt and the deficit, and I expect there will be more discussion as the election is over and we move on to the next administration.”
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