Federal net interest outlays, fiscal year
Office of Management and Budget · fiscal year · 86 observations
$970.1B
As of FY2025
+10.2% vs prior FY
Billions of dollars
Source: OMB
About this series
What it measures
Interest the federal government pays on debt held by the public, minus interest it earns on its own loans and investments, for each fiscal year. Interest paid to federal trust funds nets out.
Why it matters
It is the budget measure of what borrowing costs the government, and it can be compared directly with receipts and with the economy.
Common misreads
It is smaller than Treasury's total interest expense on the public debt, which includes interest credited to trust funds such as Social Security. It is a nominal dollar total, so new highs say little on their own. FY2026 is not yet included: it awaits the September 2026 Monthly Treasury Statement and OMB's next Historical Tables.