Committee for a Responsible Federal Budget:
During a recent town hall, former United Nations Ambassador and current Presidential candidate Nikki Haley claimed, “for the first time we’re paying more in interest payments than we are on our defense budget.”
This statement is true. According to the Congressional Budget Office’s latest baseline, in Fiscal Year (FY) 2024, spending on interest is projected to total $870 billion, while spending on national defense will total $822 billion. This has never been the case before, going back to at least 1940.US Budget Watch 2024 is a project of the nonpartisan Committee for a Responsible Federal Budget designed to educate the public on the fiscal impact of presidential candidates’ proposals and platforms. Through the election, we will issue policy explainers, fact checks, budget scores, and other analyses. We do not support or oppose any candidate for public office.