Net interest is 3.2% of GDP, a record; CBO has it at 6.9% by 2056
Source. OMB, Historical Tables, FY2027 Budget (April 2026), Tables 1.2 and 3.1; CBO, The Long-Term Budget Outlook Data: 2026 to 2056 (February 2026), supplemental file 51119, Table 1 (saved by hand from cbo.gov). Also: OMB, Table 1.2; OMB, Table 3.1; CBO, The Long-Term Budget Outlook Data: 2026 to 2056. Fiscal years 1940–2025 (actual) and 2026–2056 (CBO projection).
Method and data
Method. Net interest (OMB Table 3.1) ÷ GDP (Table 1.2, fiscal years): FY2025 $970.1 billion ÷ $30,322.8 billion = 3.20%; FY1991 $194.4 billion ÷ $6,093.2 billion = 3.19%, the previous high. Social Security, FY2025: $1,580.7 billion, 5.21% of GDP. 2026–2056 is CBO’s extended baseline (Table 1): 6.93% of GDP in 2056. Real interest, FY2025 and on CBO’s path, is in the linked CSV. Real interest, FY2025 and 2026–2056 (CSV).
| Fiscal year | Net interest, % of GDP | Basis |
|---|---|---|
| 1940 | 0.92 | OMB actual |
| 1941 | 0.81 | OMB actual |
| 1942 | 0.71 | OMB actual |
| 1943 | 0.83 | OMB actual |
| 1944 | 1.04 | OMB actual |
| 1945 | 1.37 | OMB actual |
| 1946 | 1.80 | OMB actual |
| 1947 | 1.76 | OMB actual |
| 1948 | 1.66 | OMB actual |
| 1949 | 1.64 | OMB actual |
| 1950 | 1.73 | OMB actual |
| 1951 | 1.43 | OMB actual |
| 1952 | 1.32 | OMB actual |
| 1953 | 1.35 | OMB actual |
| 1954 | 1.24 | OMB actual |
| 1955 | 1.19 | OMB actual |
| 1956 | 1.16 | OMB actual |
| 1957 | 1.16 | OMB actual |
| 1958 | 1.18 | OMB actual |
| 1959 | 1.14 | OMB actual |
| 1960 | 1.30 | OMB actual |
| 1961 | 1.23 | OMB actual |
| 1962 | 1.18 | OMB actual |
| 1963 | 1.25 | OMB actual |
| 1964 | 1.24 | OMB actual |
| 1965 | 1.21 | OMB actual |
| 1966 | 1.20 | OMB actual |
| 1967 | 1.23 | OMB actual |
| 1968 | 1.24 | OMB actual |
| 1969 | 1.30 | OMB actual |
| 1970 | 1.37 | OMB actual |
| 1971 | 1.33 | OMB actual |
| 1972 | 1.27 | OMB actual |
| 1973 | 1.28 | OMB actual |
| 1974 | 1.45 | OMB actual |
| 1975 | 1.45 | OMB actual |
| 1976 | 1.50 | OMB actual |
| 1977 | 1.48 | OMB actual |
| 1978 | 1.56 | OMB actual |
| 1979 | 1.66 | OMB actual |
| 1980 | 1.88 | OMB actual |
| 1981 | 2.19 | OMB actual |
| 1982 | 2.57 | OMB actual |
| 1983 | 2.54 | OMB actual |
| 1984 | 2.81 | OMB actual |
| 1985 | 3.04 | OMB actual |
| 1986 | 3.01 | OMB actual |
| 1987 | 2.91 | OMB actual |
| 1988 | 2.95 | OMB actual |
| 1989 | 3.04 | OMB actual |
| 1990 | 3.13 | OMB actual |
| 1991 | 3.19 | OMB actual |
| 1992 | 3.11 | OMB actual |
| 1993 | 2.93 | OMB actual |
| 1994 | 2.83 | OMB actual |
| 1995 | 3.07 | OMB actual |
| 1996 | 3.03 | OMB actual |
| 1997 | 2.89 | OMB actual |
| 1998 | 2.70 | OMB actual |
| 1999 | 2.42 | OMB actual |
| 2000 | 2.20 | OMB actual |
| 2001 | 1.96 | OMB actual |
| 2002 | 1.58 | OMB actual |
| 2003 | 1.36 | OMB actual |
| 2004 | 1.33 | OMB actual |
| 2005 | 1.43 | OMB actual |
| 2006 | 1.66 | OMB actual |
| 2007 | 1.66 | OMB actual |
| 2008 | 1.71 | OMB actual |
| 2009 | 1.29 | OMB actual |
| 2010 | 1.32 | OMB actual |
| 2011 | 1.49 | OMB actual |
| 2012 | 1.37 | OMB actual |
| 2013 | 1.32 | OMB actual |
| 2014 | 1.31 | OMB actual |
| 2015 | 1.23 | OMB actual |
| 2016 | 1.29 | OMB actual |
| 2017 | 1.36 | OMB actual |
| 2018 | 1.59 | OMB actual |
| 2019 | 1.76 | OMB actual |
| 2020 | 1.62 | OMB actual |
| 2021 | 1.53 | OMB actual |
| 2022 | 1.86 | OMB actual |
| 2023 | 2.40 | OMB actual |
| 2024 | 3.04 | OMB actual |
| 2025 | 3.20 | OMB actual |
| 2026 | 3.26 | CBO extended baseline, February 2026 |
| 2027 | 3.33 | CBO extended baseline, February 2026 |
| 2028 | 3.51 | CBO extended baseline, February 2026 |
| 2029 | 3.68 | CBO extended baseline, February 2026 |
| 2030 | 3.83 | CBO extended baseline, February 2026 |
| 2031 | 3.99 | CBO extended baseline, February 2026 |
| 2032 | 4.15 | CBO extended baseline, February 2026 |
| 2033 | 4.27 | CBO extended baseline, February 2026 |
| 2034 | 4.39 | CBO extended baseline, February 2026 |
| 2035 | 4.49 | CBO extended baseline, February 2026 |
| 2036 | 4.59 | CBO extended baseline, February 2026 |
| 2037 | 4.69 | CBO extended baseline, February 2026 |
| 2038 | 4.79 | CBO extended baseline, February 2026 |
| 2039 | 4.89 | CBO extended baseline, February 2026 |
| 2040 | 4.99 | CBO extended baseline, February 2026 |
| 2041 | 5.10 | CBO extended baseline, February 2026 |
| 2042 | 5.22 | CBO extended baseline, February 2026 |
| 2043 | 5.33 | CBO extended baseline, February 2026 |
| 2044 | 5.44 | CBO extended baseline, February 2026 |
| 2045 | 5.55 | CBO extended baseline, February 2026 |
| 2046 | 5.68 | CBO extended baseline, February 2026 |
| 2047 | 5.79 | CBO extended baseline, February 2026 |
| 2048 | 5.91 | CBO extended baseline, February 2026 |
| 2049 | 6.02 | CBO extended baseline, February 2026 |
| 2050 | 6.14 | CBO extended baseline, February 2026 |
| 2051 | 6.27 | CBO extended baseline, February 2026 |
| 2052 | 6.40 | CBO extended baseline, February 2026 |
| 2053 | 6.53 | CBO extended baseline, February 2026 |
| 2054 | 6.66 | CBO extended baseline, February 2026 |
| 2055 | 6.79 | CBO extended baseline, February 2026 |
| 2056 | 6.93 | CBO extended baseline, February 2026 |
Download SVG · CSV. Data and chart licensed CC BY 4.0.
Higgins Strategy. “Net interest is 3.2% of GDP, a record; CBO has it at 6.9% by 2056” Exhibit 2, The Interest Bill (Study XII). October 12, 2026. https://higginsstrategy.com/charts/12-net-interest-share-of-gdp-1940-2056/