"America has had gigantic budget deficits and debt that have been dangerous and ballooning for years, yet it's only recently that they're stirring alarm among voters in a big way. In the spring of 2025, a poll conducted by the non-partisan Peterson Foundation found that 76% of all voters, including 73% of Democrats and 89% of Republicans, agree that addressing the rampant borrowing that's endangering our economic standing and threatens their own financial futures should be a top priority for the president and Congress."
"The single major line item that's now growing fastest, and that's added the most to the budget shortfall since start of the pandemic, is a dark horse: interest expense. This burgeoning cost that contributes nothing towards supporting national defense, funding the nation's promises on delivering healthcare for seniors, and funding border control, is the one budget feature most likely to increasingly outrage the folks."
"In the 2019 fiscal year, net interest expense was still no big deal. It totaled just $375 billion, and accounting for a modest 1.7% of GDP. By FY 2025 (ended in September), the figure had jumped to $952 billion, a rise of 153%, or 17% a year. In that same six year period, its trajectory far outstripped the still alarming surges in Medicare (25%), Medicaid (32%), not to mention national defense (7%)."
Voter alarm over ballooning federal deficits surged in spring 2025, with 76% of voters calling rampant borrowing a top priority for elected leaders. The fiscal picture deteriorated faster than forecasters expected after tax rate reductions and spending increases in President Trump's One Big Beautiful Bill. Interest expense has become the fastest-growing budget line, contributing nothing to core services while adding heavily to the shortfall. Net interest climbed from $375 billion (1.7% of GDP) in FY2019 to $952 billion in FY2025, a 153% increase that outpaced Medicare, Medicaid, and defense growth rates.
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