Updated May 28, 2026 · U.S. Treasury (MTS) & CBO
Net interest is what the Treasury pays bondholders each year, after interest it collects. In FY2025 it ran past the entire defense budget for the first time in modern history.
Borrowing isn't free. The interest the government pays on the debt is now one of the largest items in the entire federal budget — larger than national defense — and it is the fastest-growing. Every dollar spent servicing the debt is a dollar not spent on anything else.
Unlike most programs, interest isn't a policy choice that can be debated line by line — it's the automatic bill for past borrowing, and it rises with both the size of the debt and the level of interest rates.
Net interest (dark) stacks on top of program spending; the gap above the revenue line is the deficit. The interest band widens over time — its fastest-growing part. Actual through 2025, CBO projection after.
The debt changes every day. Get the new figure each Friday — plus what moved it, a fresh breakdown, and the week's must-read fiscal stories.
Outlay figures are FY2025 federal spending by category (U.S. Treasury Monthly Treasury Statement / CBO); net interest is interest paid less interest received. The over-time chart is estimated from Congressional Budget Office data and long-term projections. The newsletter preview is illustrative. Figures are the latest available estimates — DebtPerPerson is independent and nonpartisan, for general education, not financial or political advice.