In January 1918, some ten months before the end of World War I, US President Woodrow Wilson had written a list of proposed war aims which he called the Fourteen Points..
Today, discretionary spending makes up less than 40 percent of the entire budget. Net Interest-Net interest is the only part of future spending that cannot be reduced by legislative action because it is money that must be paid to service the U.S. debt.
Our ruling. Wolf said the CBO projects that by 2025, every penny of the federal budget will go to interest on the debt as well as spending on Medicare, Medicaid and Social Security. The CBO report he cites says entitlements programs and debt interest will consume all the revenues going into the budget that year. Wolfâs language is a bit inexact, but we donât think it detracts from his clear point: the U.S. is on a dangerous fiscal path.