Federal Reserve announcements and meeting minutes

US Interest Payments on $35.3 Trillion National Debt Surpass $1 Trillion for 2024 Fiscal Year

Sep 12, 2024, 05:14 PM

The U.S. government has announced that it has spent over $1 trillion on interest payments for its national debt in the 2024 fiscal year. This marks the first time in history that interest costs have surpassed the $1 trillion mark within a single year. The national debt has now soared past $35.3 trillion, with the government spending nearly $35,000 per second or $3 billion per day on interest payments. This significant increase in interest costs, which represents a 30% rise from the previous year, is now the most expensive category of government spending. The US Treasury also reported that the budget gap has climbed as a result.