In FY2024 interest passed defense for the first time in the record
Source. OMB Historical Tables, FY2027 edition (April 2026), Table 3.1, functions 050 and 900. Fiscal years 1962–2025, with OMB estimates to 2031.
Method and data
Method. Nominal billions; 2026–2031 are OMB’s estimates.
| Fiscal year | Basis | National defense ($bn) | Net interest ($bn) |
|---|---|---|---|
| 1962 | Actual | 52.3 | 6.9 |
| 1963 | Actual | 53.4 | 7.7 |
| 1964 | Actual | 54.8 | 8.2 |
| 1965 | Actual | 50.6 | 8.6 |
| 1966 | Actual | 58.1 | 9.4 |
| 1967 | Actual | 71.4 | 10.3 |
| 1968 | Actual | 81.9 | 11.1 |
| 1969 | Actual | 82.5 | 12.7 |
| 1970 | Actual | 81.7 | 14.4 |
| 1971 | Actual | 78.9 | 14.8 |
| 1972 | Actual | 79.2 | 15.5 |
| 1973 | Actual | 76.7 | 17.3 |
| 1974 | Actual | 79.3 | 21.4 |
| 1975 | Actual | 86.5 | 23.2 |
| 1976 | Actual | 89.6 | 26.7 |
| 1977 | Actual | 97.2 | 29.9 |
| 1978 | Actual | 104.5 | 35.5 |
| 1979 | Actual | 116.3 | 42.6 |
| 1980 | Actual | 134 | 52.5 |
| 1981 | Actual | 157.5 | 68.8 |
| 1982 | Actual | 185.3 | 85 |
| 1983 | Actual | 209.9 | 89.8 |
| 1984 | Actual | 227.4 | 111.1 |
| 1985 | Actual | 252.7 | 129.5 |
| 1986 | Actual | 273.4 | 136 |
| 1987 | Actual | 282 | 138.6 |
| 1988 | Actual | 290.4 | 151.8 |
| 1989 | Actual | 303.6 | 169 |
| 1990 | Actual | 299.3 | 184.3 |
| 1991 | Actual | 273.3 | 194.4 |
| 1992 | Actual | 298.3 | 199.3 |
| 1993 | Actual | 291.1 | 198.7 |
| 1994 | Actual | 281.6 | 202.9 |
| 1995 | Actual | 272.1 | 232.1 |
| 1996 | Actual | 265.7 | 241.1 |
| 1997 | Actual | 270.5 | 244 |
| 1998 | Actual | 268.2 | 241.1 |
| 1999 | Actual | 274.8 | 229.8 |
| 2000 | Actual | 294.4 | 222.9 |
| 2001 | Actual | 304.7 | 206.2 |
| 2002 | Actual | 348.5 | 170.9 |
| 2003 | Actual | 404.7 | 153.1 |
| 2004 | Actual | 455.8 | 160.2 |
| 2005 | Actual | 495.3 | 184 |
| 2006 | Actual | 521.8 | 226.6 |
| 2007 | Actual | 551.3 | 237.1 |
| 2008 | Actual | 616.1 | 252.8 |
| 2009 | Actual | 661 | 186.9 |
| 2010 | Actual | 693.5 | 196.2 |
| 2011 | Actual | 705.6 | 230 |
| 2012 | Actual | 677.9 | 220.4 |
| 2013 | Actual | 633.4 | 220.9 |
| 2014 | Actual | 603.5 | 229 |
| 2015 | Actual | 589.7 | 223.2 |
| 2016 | Actual | 593.4 | 240 |
| 2017 | Actual | 598.7 | 262.6 |
| 2018 | Actual | 631.3 | 325 |
| 2019 | Actual | 685.7 | 375.2 |
| 2020 | Actual | 724.6 | 345.5 |
| 2021 | Actual | 753.9 | 352.3 |
| 2022 | Actual | 765.6 | 475.9 |
| 2023 | Actual | 820.3 | 658.3 |
| 2024 | Actual | 873.5 | 879.9 |
| 2025 | Actual | 916.1 | 970.1 |
| 2026 | OMB estimate | 966.4 | 1,016.7 |
| 2027 | OMB estimate | 1,205 | 1,065.4 |
| 2028 | OMB estimate | 1,323.2 | 1,167 |
| 2029 | OMB estimate | 1,341.6 | 1,234.6 |
| 2030 | OMB estimate | 1,348.8 | 1,304.5 |
| 2031 | OMB estimate | 1,369.1 | 1,363.8 |
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Higgins Strategy. “In FY2024 interest passed defense for the first time in the record” Exhibit 13, Every Dollar of War (Study IX). October 12, 2026. https://higginsstrategy.com/charts/09-net-interest-and-defense-1962-2031/