The federal government spent $1.143 trillion on net interest in fiscal 2026, an 11 percent increase from the previous year. This amount exceeds spending on the Defense Department and Medicare, with only Social Security costing more. Total public debt reached $40.31 trillion by 8 October, placing it approximately $800 billion below the current statutory limit. The Congressional Budget Office projects that higher interest rates could significantly increase future deficits and debt levels over the next decade.
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