Obama recently unveiled his latest budget and the news is bad for taxpayers. Fox News crunched the numbers, which paint a bleak picture for the fiscal future of America:
— By 2024, the total national debt would rise from $17.4 trillion to nearly $25 trillion.
— By 2020, U.S. taxpayers would be paying more in interest on the debt than they would on the entire Defense budget.
— By 2017, those interest payments would be bigger than the budget for Medicaid.
The key takeaway is that Americans for generations will be saddled with paying interest on the amassed debt unless we address it now and start cutting spending.