The amount the government pays in interest on the national debt is a significant and growing expense in the federal budget. This figure, often referred to as “net interest,” can change based on the total amount of debt and the interest rates on the Treasury securities the government has issued. In 2024 Net Interest surpassed military spending as the 3rd largest budget item in the Federal Budget.
You can find the most current and historical data on interest payments from several official sources. The U.S. Department of the Treasury publishes monthly and annual financial statements that detail interest costs. The Congressional Budget Office (CBO) and the Office of Management and Budget (OMB) also provide detailed data and future projections for net interest costs in their regular budget reports, such as the CBO’s Budget and Economic Outlook and the President’s annual Budget.
