America's Interest Payments Reach $1 Trillion

What We’re Showing

The annual interest payments on the U.S. national debt since 1947, based on data from the Federal Reserve.

America’s Growing Debt Bill

The cost of paying for America’s national debt crossed the $1 trillion dollar mark in 2023, growing by more than double over the last decade.

Furthermore, the Congressional Budget Office projects that the U.S. will spend more on debt servicing costs than on defense spending in 2024 for the first time ever.

Driving up interest costs are a mixture of high interest rates and a record $34 trillion in government debt, which could ultimately strain government spending.

Debt Outlook

Over the next 10 years, the U.S. government is projected to spend a historic $12.4 trillion on interest payments, amounting to about $37,100 per American.

For perspective, in 2023, the U.S. spent more on debt payments than on Medicaid, one of its largest expenses.