As the national debt continues to grow, the federal government has paid over $1 trillion in total interest payments on the debt for fiscal year 2024.
The Treasury Department said in a recent statement that the U.S. has paid about $1.5 trillion in total interest on its national debt this fiscal year, a figure it estimates will reach about $1.16 trillion in the 12 months ending Sept. 30.
By contrast, the Treasury Department said total net interest spending would reach $843 billion in fiscal 2024, surpassing other big-ticket items such as defense, where spending so far has reached $798 billion. But spending on two other high-profile functions, Social Security and Medicare, was even higher.
When looking at interest costs, fiscal hawks typically compare net interest on Treasury bills to gross interest. The latter includes: Intra-Government Payments.
But the trillion-dollar figure is attracting attention. According to CNBCTotal interest expenses exceeded this figure for the first time, up 30 percent from the previous year.
The Hill has contacted the Treasury Department for confirmation.
The move comes amid a fierce battle in Washington over government funding ahead of a government shutdown deadline at the end of this month.
House Republicans last week prepared to fire the first big shots in their budget showdown with Democrats, pushing through a partisan stopgap measure to fund the government until next year and a citizenship voting bill backed by former President Trump that was expected to pass the Senate.
But Republican leaders were forced to back away from plans for a vote after facing resistance from various quarters in the conference, including from hard-line conservatives who wanted greater rein in government spending because of the national debt of more than $35 trillion.
