The US Now Pays More in Debt Interest Than Defense. What Happens Next?

Debt service is now consuming a massive share of the federal budget — and that has serious implications for economics, the broader economy, and how we think about long-term budgeting in America.

In this episode of The Mark Haney Show, economist and wealth manager Sanjay Varshney breaks down what’s really happening beneath the headlines.

We cover:

• Why the U.S. economy proved more resilient than expected
• What seven Federal Reserve rate cuts actually mean
• The AI investment boom and its impact on productivity
• Why the bond market may matter more than the stock market
• Housing affordability, labor market shifts, and market concentration
• And the biggest risks facing the economy in 2026

Is America positioned for steady growth — or building up structural pressure?

This conversation unpacks the good, the bad, and the ugly of today’s economic landscape with clarity, data, and perspective.

If you care about markets, investing, business, AI, housing, or where the economy is headed next, this episode is essential viewing.