Interest on the National Debt · Interest Expense by Security
Gross Interest Expense by Security Type
Monthly Treasury data with the full history and fiscal-year comparisons.
Data through: · 197 months since May 2010
Latest month: September 2026
Gross Interest, FY2026
$1.36T
+11.5% on a year earlier
Held by the Public
$1.07T
79% of gross interest
Government Accounts
$292B
interest paid to federal trust funds
Largest: notes
$508B
37% of gross interest
In fiscal year 2026 gross interest on the public debt was $1.36 trillion, up 11.5% from fiscal year 2025: $1.07 trillion on securities held by the public and $292 billion on Government Account Series held by the government's own trust funds. By security, Treasury notes $508B, bills $254B, bonds $180B and TIPS $92.3B.
Gross interest by security type, each fiscal year
Fiscal-year-to-date interest expense at each year's last statement, stacked by security type. The year in progress shows its months so far.
● bills · ● notes · ● bonds · ● TIPS · ● FRNs · ● savings bonds · ● other public · ● govt accounts
By fiscal year
| Fiscal year | Gross interest | Change | Public issues | bills | notes | bonds | TIPS | Floating rate notes | Savings bonds | Other public issues | Govt accounts |
|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2026 | $1.36T | +11.5% | $1.07T | $254B | $508B | $180B | $92.3B | $26.7B | $4.5B | $3.3B | $292B |
| FY2025 | $1.22T | +7.7% | $974B | $272B | $434B | $159B | $72.2B | $28.6B | $4.6B | $3.9B | $246B |
| FY2024 | $1.13T | +28.4% | $896B | $306B | $338B | $139B | $71.2B | $30.9B | $6.3B | $4.2B | $237B |
| FY2023 | $883B | +22.8% | $666B | $183B | $251B | $122B | $70.1B | $28.4B | $8.9B | $3.1B | $216B |
| FY2022 | $719B | +27.8% | $489B | $23.6B | $192B | $109B | $152B | $6.5B | $5.6B | $1.6B | $229B |
| FY2021 | $562B | +7.6% | $389B | $4.2B | $188B | $98.1B | $92.3B | $918M | $3.5B | $1.6B | $173B |
| FY2020 | $523B | −9.0% | $368B | $30.4B | $209B | $91.7B | $25.9B | $3.9B | $4.6B | $2.9B | $155B |
| FY2019 | $575B | +9.9% | $397B | $54.5B | $200B | $88.5B | $36.7B | $9.0B | $5.3B | $2.9B | $177B |
| FY2018 | $523B | +14.1% | $351B | $33.3B | $170B | $84.1B | $49.1B | $6.1B | $5.2B | $2.8B | $172B |
| FY2017 | $459B | +6.0% | $292B | $12.2B | $156B | $81.1B | $31.1B | $3.0B | $5.0B | $2.6B | $167B |
| FY2016 | $433B | +7.5% | $268B | $4.8B | $155B | $79.6B | $20.0B | $1.2B | $4.8B | $2.4B | $165B |
| FY2015 | $402B | −6.6% | $248B | $1.2B | $149B | $77.0B | $12.2B | $202M | $5.4B | $3.1B | $154B |
| FY2014 | $431B | +3.6% | $255B | $1.2B | $143B | $72.5B | $30.0B | $39M | $5.4B | $2.8B | $175B |
| FY2013 | $416B | +15.5% | $246B | $1.9B | $140B | $66.7B | $27.6B | $0 | $5.8B | $3.7B | $170B |
| FY2012 | $360B | −20.8% | $243B | $1.5B | $145B | $61.6B | $23.5B | $0 | $6.4B | $5.1B | $117B |
| FY2011 | $454B | +9.8% | $248B | $2.8B | $141B | $55.2B | $36.0B | $0 | $5.6B | $6.8B | $207B |
| FY2010 | $414B | — | $212B | $4.4B | $126B | $47.8B | $19.8B | $0 | $5.4B | $8.6B | $202B |
Every month since May 2010
September 2026: $92.6B in total, $86.7B on securities held by the public and $5.9B on Government Account Series.
| Month | Gross interest | Fiscal YTD | bills | notes | bonds | TIPS | Floating rate notes | Savings bonds | Other public issues | Govt accounts |
|---|---|---|---|---|---|---|---|---|---|---|
| $92.6B | $1.36T | $22.3B | $44.3B | $15.5B | $1.6B | $2.3B | $383M | $269M | $5.9B | |
| $97.8B | $1.27T | $22.6B | $45.1B | $15.9B | −$4.7B | $2.2B | $383M | $272M | $16.0B | |
| $118B | $1.17T | $21.2B | $44.7B | $15.8B | $15.8B | $2.4B | $381M | $287M | $17.1B | |
| $185B | $1.05T | $20.2B | $42.7B | $15.2B | $19.9B | $2.2B | $380M | $293M | $84.3B | |
| $133B | $867B | $20.6B | $43.7B | $15.5B | $23.8B | $2.1B | $376M | $296M | $26.2B | |
| $112B | $735B | $20.2B | $42.0B | $14.9B | $11.5B | $2.2B | $380M | $281M | $20.0B | |
| $103B | $623B | $21.3B | $43.0B | $15.3B | $9.1B | $2.2B | $380M | $267M | $11.0B | |
| $93.5B | $520B | $19.0B | $38.5B | $13.6B | $912M | $1.9B | $375M | $228M | $19.0B | |
| $71.9B | $427B | $20.8B | $42.1B | $14.9B | −$7.2B | $2.3B | $371M | $267M | −$1.6B | |
| $154B | $355B | $21.9B | $41.4B | $14.8B | $6.8B | $2.2B | $376M | $283M | $66.6B | |
| $96.3B | $201B | $21.8B | $39.7B | $14.1B | $7.2B | $2.2B | $365M | $276M | $10.7B | |
| $104B | $104B | $22.4B | $40.5B | $14.3B | $7.6B | $2.4B | $341M | $301M | $16.6B | |
| $91.3B | $1.22T | $22.1B | $38.6B | $13.7B | $4.7B | $2.3B | $332M | $302M | $9.2B | |
| $111B | $1.13T | $22.2B | $39.4B | $14.1B | $8.7B | $2.4B | $321M | $295M | $23.9B | |
| $96.3B | $1.02T | $21.0B | $38.9B | $14.0B | $6.0B | $2.6B | $324M | $306M | $13.1B | |
| $145B | $921B | $20.5B | $37.1B | $13.4B | $7.7B | $2.4B | $322M | $302M | $62.9B | |
| $92.2B | $776B | $21.8B | $37.9B | $13.8B | $6.5B | $2.4B | $317M | $318M | $9.2B | |
| $102B | $684B | $21.5B | $36.2B | $13.2B | $10.6B | $2.4B | $400M | $311M | $17.0B | |
| $104B | $582B | $23.0B | $36.8B | $13.5B | $14.2B | $2.4B | $387M | $305M | $13.8B | |
| $85.9B | $478B | $21.5B | $32.7B | $12.0B | $1.9B | $2.1B | $399M | $266M | $15.0B | |
| $83.8B | $392B | $23.5B | $35.5B | $13.1B | $453M | $2.4B | $436M | $312M | $8.1B | |
| $140B | $308B | $24.8B | $34.6B | $13.0B | $3.8B | $2.4B | $475M | $373M | $60.4B | |
| $86.6B | $169B | $24.4B | $32.8B | $12.4B | $4.7B | $2.3B | $462M | $392M | $9.2B | |
| $82.0B | $82.0B | $25.4B | $33.2B | $12.6B | $3.1B | $2.5B | $467M | $419M | $4.3B |
Show 173 earlier months, back to May 2010+
| Month | Value |
|---|---|
| Sep 2024 | $84.4B |
| Aug 2024 | $92.3B |
| Jul 2024 | $88.5B |
| Jun 2024 | $140B |
| May 2024 | $103B |
| Apr 2024 | $102B |
| Mar 2024 | $88.7B |
| Feb 2024 | $76.2B |
| Jan 2024 | $69.2B |
| Dec 2023 | $119B |
| Nov 2023 | $79.9B |
| Oct 2023 | $88.9B |
| Sep 2023 | $71.5B |
| Aug 2023 | $82.1B |
| Jul 2023 | $73.3B |
| Jun 2023 | $126B |
| May 2023 | $69.6B |
| Apr 2023 | $76.0B |
| Mar 2023 | $77.6B |
| Feb 2023 | $45.6B |
| Jan 2023 | $51.1B |
| Dec 2022 | $107B |
| Nov 2022 | $55.0B |
| Oct 2022 | $47.6B |
| Sep 2022 | $40.0B |
| Aug 2022 | $88.1B |
| Jul 2022 | $68.5B |
| Jun 2022 | $97.9B |
| May 2022 | $72.8B |
| Apr 2022 | $60.1B |
| Mar 2022 | $52.8B |
| Feb 2022 | $41.4B |
| Jan 2022 | $43.2B |
| Dec 2021 | $99.1B |
| Nov 2021 | $36.0B |
| Oct 2021 | $18.9B |
| Sep 2021 | $37.7B |
| Aug 2021 | $57.7B |
| Jul 2021 | $47.8B |
| Jun 2021 | $99.3B |
| May 2021 | $45.7B |
| Apr 2021 | $45.5B |
| Mar 2021 | $36.6B |
| Feb 2021 | $32.3B |
| Jan 2021 | $27.3B |
| Dec 2020 | $79.6B |
| Nov 2020 | $32.7B |
| Oct 2020 | $20.1B |
| Sep 2020 | $38.8B |
| Aug 2020 | $47.2B |
| Jul 2020 | $31.3B |
| Jun 2020 | $68.5B |
| May 2020 | $26.5B |
| Apr 2020 | $41.0B |
| Mar 2020 | $40.5B |
| Feb 2020 | $34.9B |
| Jan 2020 | $33.9B |
| Dec 2019 | $94.3B |
| Nov 2019 | $35.6B |
| Oct 2019 | $30.3B |
| Sep 2019 | $36.0B |
| Aug 2019 | $41.4B |
| Jul 2019 | $40.3B |
| Jun 2019 | $103B |
| May 2019 | $47.8B |
| Apr 2019 | $46.6B |
| Mar 2019 | $38.9B |
| Feb 2019 | $28.7B |
| Jan 2019 | $27.8B |
| Dec 2018 | $97.2B |
| Nov 2018 | $35.4B |
| Oct 2018 | $31.6B |
| Sep 2018 | $29.0B |
| Aug 2018 | $38.4B |
| Jul 2018 | $40.6B |
| Jun 2018 | $95.8B |
| May 2018 | $35.6B |
| Apr 2018 | $41.9B |
| Mar 2018 | $38.5B |
| Feb 2018 | $28.4B |
| Jan 2018 | $27.8B |
| Dec 2017 | $84.6B |
| Nov 2017 | $38.0B |
| Oct 2017 | $24.4B |
| Sep 2017 | $23.9B |
| Aug 2017 | $30.3B |
| Jul 2017 | $28.7B |
| Jun 2017 | $90.4B |
| May 2017 | $27.8B |
| Apr 2017 | $34.4B |
| Mar 2017 | $34.8B |
| Feb 2017 | $25.7B |
| Jan 2017 | $23.3B |
| Dec 2016 | $87.4B |
| Nov 2016 | $28.7B |
| Oct 2016 | $23.0B |
| Sep 2016 | $19.1B |
| Aug 2016 | $32.6B |
| Jul 2016 | $32.5B |
| Jun 2016 | $95.7B |
| May 2016 | $32.8B |
| Apr 2016 | $28.2B |
| Mar 2016 | $25.1B |
| Feb 2016 | $18.8B |
| Jan 2016 | $21.3B |
| Dec 2015 | $86.6B |
| Nov 2015 | $23.1B |
| Oct 2015 | $16.8B |
| Sep 2015 | $20.8B |
| Aug 2015 | $30.7B |
| Jul 2015 | $32.4B |
| Jun 2015 | $93.0B |
| May 2015 | $32.7B |
| Apr 2015 | $31.8B |
| Mar 2015 | $14.1B |
| Feb 2015 | $13.2B |
| Jan 2015 | $15.1B |
| Dec 2014 | $86.5B |
| Nov 2014 | $23.4B |
| Oct 2014 | $8.7B |
| Sep 2014 | $19.6B |
| Aug 2014 | $27.1B |
| Jul 2014 | $29.3B |
| Jun 2014 | $97.6B |
| May 2014 | $32.1B |
| Apr 2014 | $31.1B |
| Mar 2014 | $26.3B |
| Feb 2014 | $21.3B |
| Jan 2014 | $19.5B |
| Dec 2013 | $88.3B |
| Nov 2013 | $22.3B |
| Oct 2013 | $16.5B |
| Sep 2013 | $19.8B |
| Aug 2013 | $25.5B |
| Jul 2013 | $25.1B |
| Jun 2013 | $93.0B |
| May 2013 | $24.4B |
| Apr 2013 | $36.0B |
| Mar 2013 | $23.5B |
| Feb 2013 | $16.9B |
| Jan 2013 | $17.8B |
| Dec 2012 | $95.7B |
| Nov 2012 | $25.1B |
| Oct 2012 | $12.9B |
| Sep 2012 | $16.7B |
| Aug 2012 | $20.0B |
| Jul 2012 | −$52.8B |
| Jun 2012 | $104B |
| May 2012 | $30.5B |
| Apr 2012 | $30.1B |
| Mar 2012 | $24.7B |
| Feb 2012 | $17.4B |
| Jan 2012 | $21.1B |
| Dec 2011 | $98.7B |
| Nov 2011 | $21.7B |
| Oct 2011 | $27.8B |
| Sep 2011 | $20.3B |
| Aug 2011 | $21.6B |
| Jul 2011 | $26.6B |
| Jun 2011 | $111B |
| May 2011 | $30.9B |
| Apr 2011 | $28.9B |
| Mar 2011 | $24.5B |
| Feb 2011 | $21.8B |
| Jan 2011 | $21.1B |
| Dec 2010 | $105B |
| Nov 2010 | $19.4B |
| Oct 2010 | $24.1B |
| Sep 2010 | $18.2B |
| Aug 2010 | $20.5B |
| Jul 2010 | $20.4B |
| Jun 2010 | $107B |
| May 2010 | $23.8B |
Gross interest = Treasury's interest expense on the public debt outstanding, accrual basis, all security types. Public issues = every type but Government Account Series. Notes, bonds, TIPS and floating rate notes = accrued interest plus amortized discount less amortized premium; TIPS also includes the inflation compensation added to principal, which can be negative in a month of falling prices. Bills = the amortized discount. Other = domestic and foreign series, State and Local Government Series, matured debt and miscellaneous. Govt accounts = interest paid to federal trust funds on the Government Account Series they hold.
Who gets the interest on the national debt?
Gross interest expense in FY2026 was $1.07T on public issues and $292B on Government Account Series held by federal trust funds and other government accounts. Public holders include domestic and foreign investors. This Treasury expense table does not identify individual holders.
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Treasury figures are public domain. TFTC's compilation, calculations and chart are licensed under CC BY 4.0. Credit TFTC with a link to this page when reusing those contributions.
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Data: TFTC Gross Interest Expense by Security Type (https://www.tftc.io/federal-interest-expense/by-security), from US Treasury Fiscal Data. Treasury figures are public domain; TFTC's compilation, calculations and chart are CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/).
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<a href="https://www.tftc.io/federal-interest-expense/by-security"><img src="https://www.tftc.io/federal-interest-expense/by-security/email-card" width="600" alt="Gross Interest Expense by Security Type, chart from TFTC" /></a> <p>Data: <a href="https://www.tftc.io/federal-interest-expense/by-security">TFTC</a>, from US Treasury Fiscal Data. Treasury figures are public domain; TFTC's compilation, calculations and chart are <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a>.</p>
Need the raw series? The full monthly record is open JSON at /federal-interest-expense/data.json and the latest month of each feed, the current and last complete fiscal years, the gross interest split, the average rate, the defense crossover and records are at /federal-interest-expense/latest.json. Sources, formulas and changes are on the methodology page.
Frequently Asked Questions
How much interest does the US pay by type of security?
What is Government Account Series interest?
Why is gross interest expense higher than net interest?
How much interest did Treasury bills cost in September 2026?
Data: US Department of the Treasury, via Fiscal Data: Interest Expense on the Public Debt Outstanding. Source figures are public domain; fiscal-year totals are the statements' own year-to-date columns, trailing-twelve-month totals and shares are TFTC's arithmetic. Net versus gross interest is explained on the overview page. Full record as open JSON, the newest month and fiscal year as latest.json (CC BY 4.0). Sources and arithmetic: methodology and changelog. Not investment advice.