Interest paid on the federal debt, minus interest the government earns. In FY2025 it came to $970B, 13.8% of all federal spending (#4 of 18 categories). Adjusted for inflation, that is up 146% since FY2000.
$970B
FY2025 outlays
13.8%
of all federal spending
+10%
change from FY2024 ($880B)
Net interest
budget type
Where it goes
Net interest by subcategory, FY2025.
Net interest
Interest on Treasury debt (gross)Interest on all Treasury securities, including those held by federal trust funds.$1.22T125%
Other investment income−$2.74B
Other interestOther interest the government pays or receives, such as on tax refunds and credit programs.−$55.2B
Interest received by off-budget trust funds (Social Security)Interest credited to the Social Security trust funds, subtracted for the same reason.−$70.0B
Interest received by on-budget trust fundsInterest the Treasury pays to its own trust funds, subtracted so it is not counted as a cost.−$118B
Negative subcategories collected more in fees, premiums, or loan repayments than they spent.
Net interest since 1993
Outlays in 2025 dollars (adjusted for inflation), fiscal years 1993–2025. Share of all federal spending: 14.1% in FY1993, 13.8% in FY2025.
Subcategories
Subcategory
FY2025
vs FY2024
Real, since 2000
Programs
FY2000–2025
Interest on Treasury debt (gross)
$1.22T
+7.3%
+90%
n/a
Other investment income
−$2.74B
n/a
n/a
n/a
Other interest
−$55.2B
n/a
n/a
n/a
Interest received by off-budget trust funds (Social Security)