U.S. Net Interest Reached $1.052 Trillion, Exceeding Defense Spending

Net interest payments on U.S. public debt reached $1.052 trillion in fiscal 2026, exceeding defense spending and taking about one-fifth of federal receipts as the government posted a $1.992 trillion deficit. The interest bill rose 8% from $970 billion in fiscal 2025, an increase of $82 billion. Federal receipts grew 3.2% to about $5.40 trillion, leaving net interest at roughly 20% of collections. Defense spending totaled $965 billion, about $87 billion less than net interest. The interest bill also came in $21 billion below Medicare spending of $1.073 trillion, placing it between those two spending totals for the fiscal year. Net interest subtracts interest income received by the Treasury from its gross interest costs.

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