The cost of paying for America’s national debt crossed the $1 trillion dollar mark in 2023, driven by high interest rates and a record $34 trillion mountain of debt. Over the last decade, U.S. debt interest payments have more than doubled amid vast government spending during the pandemic crisis. As debt payments continue to soar, the Congressional Budget Office (CBO) reported that debt servicing costs surpassed defense spending for the first time ever this year. This graphic shows the sharp rise in U.S. debt payments, based on data from the Federal Reserve. A $1 Trillion Interest Bill, and Growing Below, we show how ... (full story)