Unlocked is a series focused on explaining U.S. federal government systems, structures, and processes. This public debt explainer is part of that series, which is produced by The Journalist’s Resource and the Shorenstein Center on Media, Politics and Public Policy, where JR is housed.
Last fiscal year, the federal government for the first time paid over $1 trillion in interest on outstanding debt accumulated throughout the nation’s existence.
Gross interest payments are again expected to top $1 trillion for fiscal year 2025, according to projections from the U.S. Bureau of Economic Analysis.
(The federal fiscal year runs from Oct. 1 to Sept. 30 the following year.)
In May, credit rater Moody’s downgraded U.S. debt one notch from its highest level, citing rising debt and interest payments, making it the last major credit rating agency to downgrade the…
