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| The Federal Reserve’s aggressive interest-rate hiking campaign, aimed at quelling inflation, has made debt more expensive to issue for the federal government. The interest burden on outstanding US debt remained a major drag on the budget. Interest costs in the first 10 months of the fiscal year totaled $956 billion, up 32% from 2023. |
| The growth in interest costs presents a significant challenge in the long-term as well. According to CBO’s most recent long-term projections, interest payments would total around $78 trillion over the next 30 years and would take up 34 percent of all federal revenues by 2054. Interest costs would also become the largest “program” over the next few decades — surpassing Social Security in 2051. |
| Ballooning interest costs threaten to crowd out important public investments that can fuel economic growth in the future. CBO estimates that by 2054, interest costs are projected to be nearly three times what the federal government has historically spent on R&D, nondefense infrastructure, and education, combined. |
| The long-term fiscal challenges facing the United States are serious. As interest rates rise and the nation’s debt grows, it will become even more expensive to borrow in the future. |
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