Higgins Strategy

From Study X, Exhibit 5

Gross interest rose from $522.8 billion in FY2020 to $1.22 trillion in FY2025

Source. Treasury, Fiscal Data, Average Interest Rates on U.S. Treasury Securities; Interest Expense on the Public Debt Outstanding. Average rates monthly, January 2001 to August 2026; gross interest fiscal years 2011–2025 and FY2026 to August.

Method and data

Method. Average interest rates are Treasury’s monthly averages for total interest-bearing debt and total marketable debt. Gross interest is Treasury’s monthly interest expense on the public debt outstanding, summed by fiscal year across public issues and Government Account Series, so it includes what the Treasury pays its own trust funds; each fiscal year sits in its September row. FY2010 is partial and omitted; the August 2026 row holds FY2026 to August (October–August), which is not charted.

MonthInterest-bearing debt (%)Gross interest, fiscal year ($bn)
January 20016.594
February 20016.512
March 20016.47
April 20016.426
May 20016.344
June 20016.261
July 20016.207
August 20016.107
September 20016.064
October 20015.971
November 20015.803
December 20015.743
January 20025.707
February 20025.619
March 20025.604
April 20025.602
May 20025.554
June 20025.546
July 20025.43
August 20025.362
September 20025.298
October 20025.225
November 20025.15
December 20025.099
January 20035.068
February 20034.992
March 20034.953
April 20034.941
May 20034.905
June 20034.732
July 20034.699
August 20034.657
September 20034.654
October 20034.615
November 20034.584
December 20034.566
January 20044.591
February 20044.534
March 20044.486
April 20044.511
May 20044.495
June 20044.475
July 20044.51
August 20044.489
September 20044.517
October 20044.552
November 20044.461
December 20044.508
January 20054.551
February 20054.553
March 20054.591
April 20054.657
May 20054.66
June 20054.689
July 20054.653
August 20054.675
September 20054.704
October 20054.738
November 20054.754
December 20054.784
January 20064.82
February 20064.849
March 20064.89
April 20064.926
May 20064.951
June 20064.955
July 20064.988
August 20065.019
September 20065.022
October 20065.029
November 20065.039
December 20065.034
January 20075.04
February 20075.055
March 20075.06
April 20075.056
May 20075.053
June 20075.055
July 20075.041
August 20075.029
September 20075.009
October 20074.975
November 20074.909
December 20074.838
January 20084.785
February 20084.683
March 20084.582
April 20084.56
May 20084.517
June 20084.461
July 20084.382
August 20084.36
September 20084.188
October 20084.009
November 20083.961
December 20083.866
January 20093.811
February 20093.711
March 20093.632
April 20093.587
May 20093.524
June 20093.456
July 20093.418
August 20093.36
September 20093.347
October 20093.362
November 20093.32
December 20093.29
January 20103.326
February 20103.285
March 20103.232
April 20103.217
May 20103.211
June 20103.141
July 20103.132
August 20103.076
September 20103.052
October 20103.047
November 20103.007
December 20102.992
January 20112.996
February 20112.992
March 20112.991
April 20113.003
May 20113.009
June 20112.957
July 20112.965
August 20112.912
September 20112.886454.4
October 20112.859
November 20112.835
December 20112.826
January 20122.791
February 20122.758
March 20122.749
April 20122.732
May 20122.717
June 20122.651
July 20122.621
August 20122.587
September 20122.588359.8
October 20122.56
November 20122.534
December 20122.523
January 20132.523
February 20132.487
March 20132.478
April 20132.464
May 20132.468
June 20132.438
July 20132.435
August 20132.42
September 20132.43415.7
October 20132.42
November 20132.408
December 20132.406
January 20142.477
February 20142.399
March 20142.394
April 20142.424
May 20142.427
June 20142.403
July 20142.402
August 20142.402
September 20142.401430.8
October 20142.384
November 20142.38
December 20142.369
January 20152.384
February 20152.358
March 20152.356
April 20152.363
May 20152.368
June 20152.336
July 20152.337
August 20152.337
September 20152.35402.4
October 20152.368
November 20152.324
December 20152.331
January 20162.341
February 20162.315
March 20162.306
April 20162.322
May 20162.304
June 20162.267
July 20162.259
August 20162.237
September 20162.232432.6
October 20162.216
November 20162.204
December 20162.232
January 20172.244
February 20172.249
March 20172.264
April 20172.277
May 20172.276
June 20172.268
July 20172.279
August 20172.282
September 20172.284458.5
October 20172.229
November 20172.293
December 20172.309
January 20182.326
February 20182.347
March 20182.368
April 20182.397
May 20182.421
June 20182.433
July 20182.457
August 20182.472
September 20182.494523
October 20182.522
November 20182.542
December 20182.56
January 20192.574
February 20192.581
March 20192.59
April 20192.594
May 20192.593
June 20192.567
July 20192.554
August 20192.525
September 20192.492574.6
October 20192.464
November 20192.444
December 20192.429
January 20202.418
February 20202.394
March 20202.291
April 20202.087
May 20201.983
June 20201.875
July 20201.842
August 20201.795
September 20201.772522.8
October 20201.761
November 20201.723
December 20201.695
January 20211.687
February 20211.664
March 20211.656
April 20211.653
May 20211.647
June 20211.609
July 20211.613
August 20211.595
September 20211.605562.4
October 20211.592
November 20211.577
December 20211.565
January 20221.556
February 20221.568
March 20221.608
April 20221.659
May 20221.734
June 20221.8
July 20221.884
August 20221.971
September 20222.07718.7
October 20222.186
November 20222.217
December 20222.362
January 20232.455
February 20232.517
March 20232.566
April 20232.585
May 20232.667
June 20232.761
July 20232.841
August 20232.921
September 20232.97882.6
October 20233.052
November 20233.103
December 20233.113
January 20243.153
February 20243.195
March 20243.216
April 20243.234
May 20243.266
June 20243.281
July 20243.331
August 20243.348
September 20243.3241,133
October 20243.302
November 20243.298
December 20243.28
January 20253.282
February 20253.282
March 20253.284
April 20253.289
May 20253.294
June 20253.304
July 20253.352
August 20253.372
September 20253.3631,220
October 20253.355
November 20253.348
December 20253.324
January 20263.316
February 20263.32
March 20263.327
April 20263.34
May 20263.353
June 20263.409
July 20263.447
August 20263.491,267.8

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Higgins Strategy. “Gross interest rose from $522.8 billion in FY2020 to $1.22 trillion in FY2025” Exhibit 5, The Debt, the Waste and the Tax (Study X). October 12, 2026. https://higginsstrategy.com/charts/10-average-rate-and-gross-interest-2001-2026/