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CBO: US Treasury spends $3 billion daily on national debt interest
The government’s nearly $40 trillion national debt is now costing the Treasury more than $3 billion a day in service payments, according to a new report from the Congressional Budget Office (CBO). In its August budget update, the CBO reported that net interest on public debt totaled $963 billion between October 2025 (when the fiscal year begins) and July 2026. That equates to $96.3 billion a month, or approximately $3.18 billion a day over the 303 days in between.Interest payments on the debt have grown by $117 billion—or 14%—compared to the same period last year, the CBO added, on account of the debt being “larger than it was in the first 10 months of fiscal year 2025 and because of higher long-term interest rates.” The CBO, led by director Phil Swagel, added, “Declines in short-term rates partially mitigated the overall rise in interest payments.”
Deficit Hits $1.8 Trillion in First 10 Months of Fiscal Year
Happy Monday! July was the hottest month ever recorded in the contiguous United States, according to the National Oceanic and Atmospheric Administration. Temperatures across the 48 states averaged 76.9 degrees Fahrenheit, topping a previous high set back in July 1936. The temperature data go back 132 years, to 1895. "If we're exceeding records from The Dust Bowl, that says that we're in deep trouble," meteorologist Jeff Masters of Yale Climate Connections told the Associated Press. Andrew Pershing, a climate scientist at the nonprofit Climate Central, offered Bloomberg a troubling prediction: "In a few years, this will feel like a cool July."
The federal budget deficit came to an estimated $1.8 trillion in the first 10 months of the fiscal year, according to the latest monthly analysis from the Congressional Budget Office.
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12-Month Rolling Deficit is $1.9 Trillion in July 2026-2026-08-10
The federal government borrowed $1.9 trillion over the past 12 months according to new estimates from the Congressional Budget Office (CBO).
Based on data for the first 10 months of the fiscal year (FY), CBO now estimates that the FY 2026 deficit will be $2.1 trillion, compared to $1.9 trillion estimated in its February baseline. The increase is due to tariff revenues being around $250 billion lower than expected as a result of the Supreme Court's decision striking down the Trump Administration's International Emergency Economic Powers Act (IEEPA) tariffs, partly offset by higher than expected individual and payroll tax revenue.
CBO estimates that the July 2026 deficit totaled $431 billion – the difference between $765 billion in spending and $334 billion in revenues – or roughly $140 billion larger than in July 2025. However, timing shifts pushed payments that would have normally been made on August 1st into July. Accounting for those shifts, the July 2026 deficit would have been only $333 billion, or $41 billion larger than July 2025.
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