Interest on the national debtFY2026
Interest on the national debt by year and month
The Treasury paid $1.07 trillion in interest on debt held by the public in fiscal year 2026: $2.9 billion a day.That is 9.7% more than in FY2025. With $291.9 billion of interest credited to federal trust funds, total interest expense was $1.36 trillion.
Interest by year
Interest on public debt has risen from $247.8 billion in FY2011 to $1.07 trillion in FY2026
Interest expense on Treasury securities held by the public, fiscal years, nominal dollars
Public, trust-fund and total interest by year
| Fiscal year | On debt held by the public | Credited to trust funds | Total interest expense |
|---|---|---|---|
| FY2026 | $1.07 trillion | $291.9 billion | $1.36 trillion |
| FY2025 | $973.7 billion | $246.4 billion | $1.22 trillion |
| FY2024 | $896.0 billion | $237.0 billion | $1.13 trillion |
| FY2023 | $666.2 billion | $216.4 billion | $882.6 billion |
| FY2022 | $489.2 billion | $229.5 billion | $718.7 billion |
| FY2021 | $389.0 billion | $173.4 billion | $562.4 billion |
| FY2020 | $368.1 billion | $154.7 billion | $522.8 billion |
| FY2019 | $397.3 billion | $177.3 billion | $574.6 billion |
| FY2018 | $351.1 billion | $171.9 billion | $523.0 billion |
| FY2017 | $291.5 billion | $167.0 billion | $458.5 billion |
| FY2016 | $267.7 billion | $164.9 billion | $432.6 billion |
| FY2015 | $248.2 billion | $154.3 billion | $402.4 billion |
| FY2014 | $255.4 billion | $175.4 billion | $430.8 billion |
| FY2013 | $245.5 billion | $170.2 billion | $415.7 billion |
| FY2012 | $243.3 billion | $116.5 billion | $359.8 billion |
| FY2011 | $247.8 billion | $206.6 billion | $454.4 billion |
U.S. Treasury, Interest Expense on the Public Debt Outstanding.
Interest by month
September 2026: $86.7 billion of interest on public debt
Monthly interest expense on debt held by the public.
Monthly figures as a table
| Month | On debt held by the public | Credited to trust funds | Total |
|---|---|---|---|
| September 2026 | $86.7 billion | $5.9 billion | $92.6 billion |
| August 2026 | $81.7 billion | $16.0 billion | $97.8 billion |
| July 2026 | $100.5 billion | $17.1 billion | $117.6 billion |
| June 2026 | $100.9 billion | $84.3 billion | $185.2 billion |
| May 2026 | $106.4 billion | $26.2 billion | $132.6 billion |
| April 2026 | $91.6 billion | $20.0 billion | $111.6 billion |
| March 2026 | $91.6 billion | $11.0 billion | $102.6 billion |
| February 2026 | $74.5 billion | $19.0 billion | $93.5 billion |
| January 2026 | $73.5 billion | -$1.6 billion | $71.9 billion |
| December 2025 | $87.8 billion | $66.6 billion | $154.4 billion |
| November 2025 | $85.5 billion | $10.7 billion | $96.3 billion |
| October 2025 | $87.8 billion | $16.6 billion | $104.4 billion |
| September 2025 | $82.1 billion | $9.2 billion | $91.3 billion |
| August 2025 | $87.5 billion | $23.9 billion | $111.5 billion |
| July 2025 | $83.2 billion | $13.1 billion | $96.3 billion |
| June 2025 | $81.7 billion | $62.9 billion | $144.6 billion |
| May 2025 | $83.0 billion | $9.2 billion | $92.2 billion |
| April 2025 | $84.6 billion | $17.0 billion | $101.7 billion |
| March 2025 | $90.6 billion | $13.8 billion | $104.4 billion |
| February 2025 | $70.9 billion | $15.0 billion | $85.9 billion |
| January 2025 | $75.7 billion | $8.1 billion | $83.8 billion |
| December 2024 | $79.3 billion | $60.4 billion | $139.8 billion |
| November 2024 | $77.4 billion | $9.2 billion | $86.6 billion |
| October 2024 | $77.7 billion | $4.3 billion | $82.0 billion |
U.S. Treasury, Interest Expense on the Public Debt Outstanding.
The average interest rate
Interest grows when the debt grows and when maturing debt is refinanced at higher rates.
The average rate is 3.53%, up from 1.60% in 2021
Average interest rate on all interest-bearing Treasury debt, September of each year
Rates as a table
| September | Average rate |
|---|---|
| 2026 | 3.531% |
| 2025 | 3.363% |
| 2024 | 3.324% |
| 2023 | 2.970% |
| 2022 | 2.070% |
| 2021 | 1.605% |
| 2020 | 1.772% |
| 2019 | 2.492% |
| 2018 | 2.494% |
| 2017 | 2.284% |
| 2016 | 2.232% |
| 2015 | 2.350% |
| 2014 | 2.401% |
| 2013 | 2.430% |
| 2012 | 2.588% |
| 2011 | 2.886% |
| 2010 | 3.052% |
| 2009 | 3.347% |
| 2008 | 4.188% |
| 2007 | 5.009% |
| 2006 | 5.022% |
| 2005 | 4.704% |
| 2004 | 4.517% |
| 2003 | 4.654% |
| 2002 | 5.298% |
| 2001 | 6.064% |
U.S. Treasury, Average Interest Rates on U.S. Treasury Securities.
What the interest is paid on, FY2026
Interest on debt held by the public by type of security. TIPS inflation compensation is the increase in principal of inflation-protected securities, which the Treasury records as interest.
| Security type | FY2026 interest | Share |
|---|---|---|
| Treasury Notes | $507.7 billion | 47.5% |
| Treasury Bills | $254.1 billion | 23.8% |
| Treasury Bonds | $179.8 billion | 16.8% |
| Int. Expense Inflation Compensation (TIPS) | $69.7 billion | 6.5% |
| Treasury Floating Rate Notes (FRN) | $26.7 billion | 2.5% |
| Inflation Protected Securities (TIPS) | $24.4 billion | 2.3% |
| Series I | $3.5 billion | 0.3% |
| State & Local Government-C/I's, Notes & Bonds | $2.7 billion | 0.3% |
| Series E and EE | $945.6 million | 0.1% |
| Domestic Series Bonds | $583.8 million | 0.1% |
| Treasury Inflation Protected Securities (TIPS) | -$1.7 billion | -0.2% |
Interest in the federal budget
In FY2025, net interest ($970.4 billion) was more than national defense ($916.6 billion) and less than Medicare ($996.7 billion).
Net interest is one of the budget functions in our federal budget pie chart; see what share of your taxes goes to interest. The debt itself is on How much is the US national debt?
Questions and answers
- How much interest does the US pay on the national debt?
- $1.07 trillion on debt held by the public in fiscal year 2026 (October 2025 to September 2026). Including $291.9 billion credited to federal trust funds, total interest expense was $1.36 trillion.
- How much interest is paid on the national debt per day?
- About $2.9 billion a day on debt held by the public in FY2026, or $3.7 billion a day counting trust-fund interest.
- How much interest on the national debt is that per person?
- $3,126 per person in FY2026 for interest on debt held by the public (Census Bureau 2025 population).
- Is interest on the debt going up?
- Yes. It was $973.7 billion in FY2025 and $1.07 trillion in FY2026 (+9.7%). In FY2011 it was $247.8 billion. The average rate on interest-bearing debt was 3.53% in September 2026, against a low of 1.60% in September 2021.
- Does the US spend more on interest than on defense?
- In FY2025, net interest ($970.4 billion) was more than national defense ($916.6 billion) and less than Medicare ($996.7 billion). Net interest is the budget measure: interest paid to the public minus interest the government earns.
- What is the difference between interest expense and net interest?
- Interest expense (this page's headline) is what the Treasury records on its securities each month. Net interest, the budget function, counts interest paid to the public minus interest the government receives on its loans and investments; interest paid to trust funds cancels out.
Related
- National debt todayby year, per person
- Federal spending by agencyevery department
- SNAP (food stamps) spendingby year and state
- Federal budget pie chartby function
- Where do my taxes go?calculator
Sources and notes
- U.S. Treasury, Bureau of the Fiscal Service, Interest Expense on the Public Debt Outstanding (monthly, from May 2010), through 2026-09-30. Public domain.
- U.S. Treasury, Average Interest Rates on U.S. Treasury Securities, "Total Interest-bearing Debt". Public domain.
- Net interest and national defense: Monthly Treasury Statement, Table 9, FY2025.
- Population: U.S. Census Bureau, Vintage 2025 estimates, 50 states and DC.