US federal interest expense, 2010 to 2026

The latest reading is $185.2 billion, for June 2026, against $132.6 billion the period before. The data comes directly from the US Treasury's Fiscal Data service, the government's own ledger, and runs from May 2010.

How it is measured

The federal government's monthly interest expense on its debt, from the Treasury's reporting. It is the cost of carrying the accumulated debt at the average rate currently paid, so it compounds two forces: how much has been borrowed, and at what rates old debt rolls over. Months are lumpy by design, since interest on much of the debt is paid on semiannual schedules, and occasional negative months are downward accounting adjustments rather than the government earning interest.

What the curve shows

Interest cost $185.2 billion in the latest month; the heaviest month in the window is June 2026, at $185.2 billion. The steep recent climb is the 2022-2023 rate rises working through the stock of debt as maturing securities reprice; interest now competes with defense as a budget line.