🚨 Interest Costs Just Surpassed Defense and Medicare 🚨

In the first seven months of FY 2024, spending on net interest has reached $514 billion.

That's more than what we spent on both national defense ($498 billion) and Medicare ($465 billion).

Spending on interest is now the…

🚨Interest is now our 𝐬𝐞𝐜𝐨𝐧𝐝 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 government program🚨

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐜𝐨𝐬𝐭𝐬 this year just 𝒔𝒖𝒓𝒑𝒂𝒔𝒔𝒆𝒅 𝒅𝒆𝒇𝒆𝒏𝒔𝒆 𝒔𝒑𝒆𝒏𝒅𝒊𝒏𝒈 and it also 𝒆𝒙𝒄𝒆𝒆𝒅𝒆𝒅 𝑴𝒆𝒅𝒊𝒄𝒂𝒓𝒆 𝒔𝒑𝒆𝒏𝒅𝒊𝒏𝒈.

crfb.org/blogs/interest…

🚨NEW from CRFB.org🚨-- Under some measures of 'current policy', debt would reach 𝟏𝟑𝟐 𝐩𝐞𝐫𝐜𝐞𝐧𝐭 𝐨𝐟 𝐆𝐃𝐏 by 2034 and we'll be running annual deficits above 8 percent of GDP per year.

crfb.org/blogs/debt-sur…

🚨 According to new JCT Congress estimates published by U.S. CBO, extending the expiring or changing elements of the TCJA could add $4 trillion to the deficit, plus interest, through 2034.

Extending the expanded ACA health insurance subsidies and other expiring tax provisions could add…

The Biden Administration wants to cancel student debt any time an Ed Secretary 'determines that a borrower has experienced or is experiencing hardship.'

That could cost 𝗵𝘂𝗻𝗱𝗿𝗲𝗱𝘀 𝗼𝗳 𝗯𝗶𝗹𝗹𝗶𝗼𝗻𝘀 𝗼𝗳 𝗱𝗼𝗹𝗹𝗮𝗿𝘀!

via CRFB.org: crfb.org/blogs/how-much…

🚨 House Budget Committee Chairman Rep. Jodey Arrington (R-TX) and Rep. Jack Bergman (R-MI) introduced the Strengthening Administrative PAYGO (SAP) Act of 2024 last week, along with all other majority members of the Budget Committee. The legislation is designed to strengthen…

🗓️ TODAY @ 12pm: Join us for a virtual event exploring the status of the #SocialSecurity and #Medicare trust funds. Our expert panel includes:

➤ Michael Chernew
➤ Andrea Ducas
➤ Jason J. Fichtner
➤ Laura Haltzel
➤ moderated by Marc Goldwein

Register: crfb.org/events/57-even….

🚨 NEW: The Trustees for #SocialSecurity and #Medicare project that both trust funds are within 12 years of insolvency and in need of #TrustFundSolutions :

➡️ #Medicare HI insolvent by 2036
➡️ #SocialSecurity OASI insolvent by 2033; when theoretically combined w/ SSDI, insolvent…

🚨 The Trustees for #SocialSecurity and #Medicare released their annual report on the status of the trust funds today. The Trustees project the Medicare Hospital Insurance (HI) trust fund will exhaust its reserves in 2036 while the Social Security Old-Age and Survivors Insurance…

The President’s student loan cancellation schemes will cost more than all federal spending on higher education in our nation’s history!

It is wildly reckless to jeopardize America’s financial stability to win the vote of young people. Our fiscal health must be the priority.