Interest Expense vs Revenue
Federal net interest payments as a share of total receipts. Rising debt service costs reduce the fiscal space available for discretionary spending, defense, and entitlements.
About this data
Federal interest expense is now the fastest-growing line item in the budget and on track to exceed defense spending within the current fiscal year. It's driven by two compounding forces — the stock of debt outstanding and the weighted-average interest rate the Treasury pays on it — so even small rate moves translate into large dollar moves. The data on this dashboard comes directly from the Treasury Fiscal Data API, paired with total federal receipts so the ratio of interest expense to revenue is visible alongside the absolute dollar figure.
Interest Expense as Share of Federal Revenue
Net interest payments vs total receipts by fiscal year — share % on right axis
- Net Interest
- Total Receipts
- Interest / Revenue %
Revenue After Debt Service
Total receipts minus net interest — what's left for everything else
- Available Revenue
- Net Interest
Annual Growth Rates
Year-over-year change in interest expense vs revenue
- Interest Growth %
- Revenue Growth %
Annual Data
| Fiscal Year | Net Interest | Total Receipts | Share % | Available Revenue |
|---|---|---|---|---|
| FY2025 | $970B | $5.24T | 18.5% | $4.27T |
| FY2024 | $880B | $4.92T | 17.9% | $4.04T |
| FY2023 | $658B | $4.44T | 14.8% | $3.78T |
| FY2022 | $476B | $4.90T | 9.7% | $4.42T |
| FY2021 | $352B | $4.05T | 8.7% | $3.69T |
| FY2020 | $345B | $3.42T | 10.1% | $3.08T |
| FY2019 | $375B | $3.46T | 10.8% | $3.09T |
| FY2018 | $325B | $3.33T | 9.8% | $3.00T |
| FY2017 | $263B | $3.32T | 7.9% | $3.05T |
| FY2016 | $240B | $3.27T | 7.3% | $3.03T |
| FY2015 | $223B | $3.25T | 6.9% | $3.03T |
| FY2014 | $229B | $3.02T | 7.6% | $2.79T |
Fiscal Stress Index
Composite score (0–100) combining debt-to-GDP ratio (40% weight), interest expense share of receipts (35%), and deficit-to-revenue ratio (25%). Normalized against full historical range. Higher = greater fiscal pressure.
Fiscal Stress Index Over Time
Composite score with historical risk bands — Low (<25), Moderate (25–50), Elevated (50–75), Critical (>75)
- Fiscal Stress Score
Stress Index Components (Normalized)
Individual components scaled 0–100 against historical range — shows which factors are driving fiscal pressure
- Debt/GDP (40%)
- Interest Share (35%)
- Deficit Ratio (25%)
- Composite
Key Terms
Frequently asked questions
How much interest does the US pay on the national debt?
Gross interest on the federal debt has risen from roughly $400 billion per year in the 2010s to over $1 trillion per year as of 2024, driven by both the growing debt stock and the rise in interest rates since 2022. 'Net interest' (what Treasury actually pays out after receiving interest on its own assets) has passed $800 billion annually.
What share of federal revenue goes to interest payments?
Interest now consumes more than 15% of federal receipts — up from 6–8% through most of the 2010s. CBO projections show net interest exceeding defense spending within a few years and continuing to grow as the debt stock is refinanced at today's higher yields.
Why is interest expense projected to grow?
Two factors compounding: the debt stock keeps growing as annual deficits add to it, and the average interest rate paid on that debt is rising as low-yield bonds issued in the 2010s and early 2020s mature and are rolled into today's higher-coupon securities. Both trends are expected to persist under current fiscal and monetary conditions.