The Federal Reserve is getting ready to raise its target interest rate after allowing it to sit at historically low levels for years. With $20 trillion in national debt, this could be an expensive proposition for Washington and taxpayers. Justin Bogie, a senior policy analyst at the Heritage Foundation, says interest on this debt could eventually cost the United States more than it spends on things like national defense.
“Right now, we’re just a couple percentage of the budget,” he told CBN News. “But by the end of 10 years, it’s going to be over 6 or 7 percent of the budget, almost $770 billion a year, more than national defense,” Bogie noted that government estimates show the national debt could nearly double by 2046. He says there is plenty of blame to go around, beginning with lawmakers on Capitol Hill who have promised to scale back spending but failed to make it happen. READ MORE