The government is likely to spend more on interest payments than on defense over the next five years, per Capital Group. AdvertisementAdvertisementThe US's mountain of debt is growing every day – and the government could soon be spending more on interest payments than on defense, according to Capital Group. "Over the next five years, net interest payments on the debt are expected to surpass defense spending." Capital Economics, Congressional Budget OfficeThe idea that interest payments could soon surpass defense spending could be a source of concern for policymakers, with President Joe Biden pledging Monday to ask Congress for over $100 billion worth of funding to support both Israel and Ukraine. "Slower economic growth also could be expected, given that government spending would need to be re-routed to debt service," he added.

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Persons: —, Darrell Spence, Spence, Joe Biden Organizations: Group, Treasury, Service, Capital Group, Congressional, Office, Capital Economics, Federal Reserve Locations: Israel, Ukraine