Social Security remains one of the largest federal spending categories, while net interest on the national debt is the fastest-growing major expense.

U.S. Commerce Secretary Howard Lutnick said on Sunday he would strip out government spending from the gross domestic product (GDP) report, but gave no indication how soon this change might happen, while dismissing fears of a possible recession.

A new analysis shows that the top 10% of earners are behind almost half of all consumer spending, which is almost 70% of GDP.