The Bipartisan Policy Center says the U.S. government’s multibillion-dollar debt now poses a clear threat to national security.
The Washington-based think tank highlighted in a blog post that the US spent nearly $1 trillion just to pay interest on its rising national debt during the 2024 fiscal year (FY), which ran from October 1, 2023 to September 30, 2024.
The organization notes that in FY 2024, net interest expenditures have overtaken the budget spent on various U.S. national security programs.
“A large and growing national debt poses long-term economic and security risks to the United States. These risks are becoming increasingly clear. In fiscal year (FY) 2024, the US spent $882 billion on interest payments (to service its loans).
By comparison, total national defense spending for fiscal year 2024 was $874 billion, plus billions more in other key areas of national security.”
The Bipartisan Policy Center also warns that the growing U.S. national debt is increasing pressure on lawmakers to cut spending on government programs such as national defense in an effort to reduce large budget deficits.
“If left unchecked, high debt service costs will ultimately crowd out other priorities, potentially undermining the ability to protect our nation and support our allies.
Higher debt service costs will crowd out public investment in defense and make it more expensive to borrow to respond effectively to future crises. Increased dysfunction in the federal budget process only exacerbates this threat, because national security agencies need stability and predictability to ensure military readiness.
The U.S. will need the fiscal capacity to meet emerging national security challenges in a changing world.”
The organization is calling on the US government to right the ship now or the country risks losing its global military dominance.
“Stabilizing debt and putting fiscal policy on a more sustainable path is critical to ensuring the country’s ability to maintain our military edge, engage in effective diplomacy and cooperation with our allies, and respond on future emergencies.”
At the time of writing, that is the US national debt stands at $36.03 trillion.
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