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How much interest has the US paid on its debt in fiscal year 2026?

In fiscal year 2026 through , Treasury recorded $1.27 trillion of gross interest expense on its debt, 12.3% more than in the same months a year earlier; budget net interest through was $1.02 trillion.

Gross interest this fiscal yearNo. 015

$1.27 trillion

Gross interest per day

$3.78 billion

Net interest this fiscal yearNo. 016

$1.02 trillion

Average rate on marketable debtNo. 017

3.475%

Three numbers that are often swapped

Three measures of interest on US debt, fiscal year 2026 to date ($ million)
MeasureWhat it countsWho publishes itThroughAmount
Gross interest expense (this page's lead figure)All interest on Treasury debt, including interest credited to federal trust fundsU.S. Treasury, monthly1,267,805
Interest on debt held by the publicLeaves out the interest the government pays to its own trust fundsU.S. Treasury, monthly981,809
Net interestThe budget measure: interest paid less interest received; CBO uses it tooU.S. Treasury, Monthly Treasury Statement1,016,966

The table scrolls sideways; the first column stays in place.

Gross interest so far in each fiscal year, month by month

$ trillion, cumulative

Gross interest so far in each fiscal year, month by month0.00.51.01.5OctNovDecJanFebMarAprMayJunJulAugSepFiscal 2025Fiscal 2024Gross interest so far in each fiscal year, month by month0.00.51.01.5OctDecFebAprJunSep
  • Fiscal 2026
  • Fiscal 2025
  • Fiscal 2024

Source: U.S. Treasury, Fiscal Data, Interest Expense on the Public Debt Outstanding. Observed .

The numbers behind this chart
Gross interest so far in each fiscal year, at the end of each month ($ million)
MonthFiscal 2026Fiscal 2025Fiscal 2024
Oct104,40481,99888,926
Nov200,659168,591168,849
Dec355,025308,353288,010
Jan426,913392,174357,206
Feb520,396478,046433,368
Mar623,040582,459522,022
Apr734,641684,109624,462
May867,264776,339727,507
Jun1,052,464920,964867,745
Jul1,170,0381,017,288956,294
Aug1,267,8071,128,7541,048,587
Sepn/a1,220,0241,133,035

Where does the interest in fiscal year 2026 go?

Gross interest expense, fiscal year 2026 to 31 August 2026 ($ million)
MeasureValue
Gross interest expense1,267,805
On debt held by the public981,809
Credited to government trust funds285,996
Same months a year earlier1,128,756
Months counted11
Days counted335
What this number cannot tell you
  • Gross interest includes interest credited to trust funds such as Social Security, which the government pays to itself. Net interest leaves that out and subtracts interest the government earns, so it is the figure the budget uses.
  • Interest expense is recorded when it accrues, not when it is paid, and TIPS add their inflation adjustment each month.

Does the US spend more on interest than on defense?

In fiscal year 2026 through , budget net interest was $1.02 trillion and national defense outlays were $876.16 billion: net interest was 16.1% more than defense. This comparison is ours, from two lines of the same Monthly Treasury Statement.

Net interest and national defense outlays, fiscal year 2026 to 31 August 2026 ($ million)
OutlaysThis fiscal yearSame months a year earlier
Net interest1,016,966933,459
National defense876,163840,611
Net interest less defense140,80392,848

Source: U.S. Treasury, Fiscal Data, Monthly Treasury Statement, Table 9. Observed .

What this number cannot tell you
  • Both are budget outlays as the Monthly Treasury Statement records them: net interest (budget function 900) and national defense (budget function 050), which covers the Department of Defense and defense work at other agencies, such as nuclear weapons at the Department of Energy.
  • Gross interest, the larger figure at the top of this page, is not compared here, because it includes interest the government pays to its own trust funds.

Which securities does the interest go to?

Interest on debt held by the public by kind of security, fiscal year 2026 ($ million)
SecurityInterest
Bills231,819
Notes463,418
Bonds164,332
TIPS, including inflation compensation90,750
Floating rate notes24,332
Savings bonds4,108
Other public issues3,049

How much interest was recorded each month?

Gross interest expense by month ($ million)
MonthTotalPublic issuesTrust funds
August 202697,76981,72716,041
July 2026117,574100,51917,055
June 2026185,200100,86784,333
May 2026132,623106,43626,187
April 2026111,60191,56020,040
March 2026102,64491,59611,049
February 202693,48374,52618,958
January 202671,88873,470−1,582
December 2025154,36687,75466,611
November 202596,25585,51710,737
Show 25 more rows
MonthTotalPublic issuesTrust funds
October 2025104,40487,83616,567
September 202591,27082,0519,218
August 2025111,46687,54223,924
July 202596,32483,17913,145
June 2025144,62581,73062,895
May 202592,23082,9869,244
April 2025101,65084,61917,031
March 2025104,41390,60613,807
February 202585,87270,85915,013
January 202583,82175,7278,094
December 2024139,76279,32060,443
November 202486,59377,3909,203
October 202481,99877,6634,335
September 202484,44875,9138,535
August 202492,29376,70415,590
July 202488,54977,67410,876
June 2024140,23879,35360,885
May 2024103,04585,31017,735
April 2024102,44082,04420,396
March 202488,65481,9036,751
February 202476,16263,45012,712
January 202469,19664,6704,526
December 2023119,16167,08752,075
November 202379,92369,14810,775
October 202388,92672,75316,173

How much interest has the US paid each year?

Interest by fiscal year ($ million; the running year is partial)
Fiscal yearMonthsGross interestNet interest
2010 (so far)5189,541n/a
201112454,393n/a
201212359,796n/a
201312415,689n/a
201412430,812n/a
201512402,435223,336
201612432,650240,722
201712458,542262,781
201812523,017324,697
201912574,588375,606
Show 7 more rows
Fiscal yearMonthsGross interestNet interest
202012522,767344,705
202112562,388352,264
202212718,746475,121
202312882,598659,182
2024121,133,037881,651
2025121,220,025970,359
2026 (so far)111,267,8051,016,966

What is the average interest rate on US debt?

Average interest rate on debt outstanding, 31 August 2026
SecurityAverage rate
Treasury Bills3.788%
Treasury Notes3.345%
Treasury Bonds3.453%
Treasury Inflation-Protected Securities (TIPS)1.134%
Treasury Floating Rate Notes (FRN)3.845%
Total Marketable3.475%
Total interest-bearing debt3.490%
Total Marketable, a year earlier3.415%

Source: U.S. Treasury, Fiscal Data, Average Interest Rates on U.S. Treasury Securities. Observed .

What does the Congressional Budget Office project?

  • Net interest outlays in fiscal year 2026: $1.04 trillion, in CBO's February 2026 baseline (source).
  • Net interest outlays in fiscal year 2027: $1.11 trillion, in CBO's February 2026 baseline (source).

A projection is CBO's estimate under current law, not a Treasury figure, and not ours.

Source: U.S. Treasury, Fiscal Data, Interest Expense on the Public Debt Outstanding. Observed .

Source: U.S. Treasury, Fiscal Data, Monthly Treasury Statement, Table 9. Observed .

Observed
Checked by us
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Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • Congressional Budget Office (source). Licence: Public domain, a work of the US federal government

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