Net interest as a share of federal receipts
Office of Management and Budget · fiscal year · 86 observations
Highest since FY1940, when OMB's historical series begins (86 fiscal years, FY1940-FY2025; previous high 18.43% in FY1991).
+0.64 pp vs prior FY
Source: OMB
About this series
What it measures
Federal net interest outlays divided by total federal receipts in the same fiscal year: the share of each revenue dollar that went to net interest. OMB's historical series begins in FY1940.
Why it matters
It compares the government's borrowing costs with the money it takes in, on one consistent basis in OMB records back to FY1940.
Common misreads
A rise can come from higher net interest, lower receipts, or both; the ratio alone does not say which. Partial-year (fiscal-year-to-date) ratios from the Monthly Treasury Statement are not comparable with full-year figures.