The U.S. government has reached a new milestone in its fiscal history, spending over $1 trillion on interest payments for its national debt in 2024. This figure marks the highest annual interest payment in the nation’s history, driven by surging debt levels and high interest rates.

The national debt has now ballooned to $35.3 trillion, up 30% from the previous year, further straining the federal budget​.

The U.S. Treasury Department reported that these rising interest payments are outpacing other significant government expenditures, including military spending. The sharp increase is partly due to the Federal Reserve maintaining its highest interest rates in over two decades in an effort to combat inflation.

As the rates remain elevated, borrowing costs have soared, leading to an even greater burden on the federal budget.

With interest payments expected to surpass $1.16 trillion by the end of 2024, the situation continues to worsen​.

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