first year interest exceeds defense spending (CBO)
Data Explorer
Colored bands show the presiding administration. Orange = Republican, yellow = Democratic. 2026 figure is a CBO projection.
10-Year Treasury Yield
The yield at 4.81% is the highest sustained level since before the 2008 financial crisis. Higher yields mean the government pays more to roll over its debt at exactly the moment the debt load is largest.
Q & A
Debt trajectory data: U.S. Treasury / CBO historical tables. Interest and defense figures: CBO Budget & Economic Outlook. Yield data: Federal Reserve H.15. Figures for 2025–2026 are CBO projections unless otherwise noted. All dollar amounts in nominal USD.