The CBO report finds that mandatory spending, which includes Social Security, Medicare and Medicaid, is projected to rise $85 billion, or 4 percent, to $2.1 trillion this year.
Interest on the debt is worse. It is projected to increase 14 percent per year, almost quadrupling in dollar terms between 2014 and 2024. “We are going to be spending more in interest in a couple of years then we do on national defense,” House Armed Services Committee Chairman Buck McKeon, R-Calif., told Fox News.
The Obama administration acknowledges the defense cuts are controversial but maintains they are being done with a specific intention:”…in order to sustain our readiness and technological superiority and to protect critical capabilities like special operations forces and cyber resources,” Secretary of Defense Chuck Hagel told reporters Monday.