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GOVERNMENT & POWER • DEBT
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$970 billion. In one year. Just the interest. That’s what the Treasury paid bondholders in fiscal 2025 — and three years ago it was $476 billion. Doubled. You’d have to go back to World War II to find a peacetime jump like this. Interest is now the second-biggest line item in the federal budget, behind only Social Security. Bigger than Medicare. Bigger than the Pentagon’s base budget. And every weak Treasury auction this spring — March’s 2-year was rough — rolls more pandemic-era debt at today’s yields.
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Every American — man, woman, child — paid roughly $2,850 last year just to cover Washington’s interest bill, before a dollar went anywhere else.
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Source: U.S. Treasury, Final Monthly Treasury Statement FY 2025; Bipartisan Policy Center Deficit Tracker, April 2026; CBO Budget and Economic Outlook, 2026–2036.
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One number. Every morning.
— Jack Corbin
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