Interest expense on US debt has reached $1.0 trillion in the first 10 months of FY2025, the most on record for this period. This puts us on track to exceed $1.2 trillion for the full year for the first time in history.

Over the last 12 months, gross interest expense has already hit a record $1.2 trillion.

As a result, this interest now the second-largest US government outlay, behind only Social Security, which has topped $1.5 trillion.

This means interest expense is now higher than defense and healthcare spending, which each stood at ~$900 billion over the past year.

This is a crisis.