Will federal government costs be slashed in 2025?
Investing.com-- The U.S. federal government's $6.8 trillion costs in financial 2024 is not likely to see substantial cuts next year, in spite of require restraint, as structural and political barriers stay, experts state.
Necessary costs, that includes programs like Social Security and Medicare, represented $4.1 trillion in 2024. Economic Experts at Wells Fargo (NYSE:-RRB- stated decreasing these expenses is unlikely offered their long-lasting appeal and the political threat of suppressing advantages for seniors.
Social Security alone cost $1.4 trillion, while Medicare expenses reached $900 billion. Medicaid and other compulsory programs, consisting of veterans' advantages and retirement pay, included another $800 billion to the expense.
Interest payments on the nationwide financial obliga...