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Authored by Mike Shedlock via MishTalk.com,

Fact check true: For the first time in history spending on interest will exceed spending on defense.

Do We Spend More On Interest Than Defense?

The Committee for a Responsible Federal budget did a Fact Check on that question. The answer is yes.

Looking ten years ahead, the CBO projects Medicare and interest on the national debt will each exceed $1.6 trillion.

Bear in mind none of these figures price in a recession, ever.

My assumption is deficits will rise much more than expected in periods of recession. In turn this will add to national debt and thus interest on national debt.

As for defense, many thing that could be included in that category such as veterans benefits and homeland security are buried elsewhere. Even without such things factored in, both Democrats and Republicans are pushing for more military spending already. And what if there is a war?

The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion

Meanwhile, the cost estimate of Biden’s Inflation Reduction Act coupled with EPA mandates, just jumped by $466 billion.

For details, please see The CBO Revised the Cost of Biden’s Energy Policies Up by $466 Billion

The GOP Supports a Child Tax Credit Boost and Affordable Housing Expansion

On January 17, I asked How Much Will That GOP Deal on Child Tax Credits Really Cost?

Pathetic.