This article is part of our President’s FY2024 Budget Request Coverage. Visit our Rolling Analysis Page for more.

The initial release of the FY24 President’s Budget Request includes the Summary Tables at the end. These always make for interesting reading. Here all the proposals in the budget are supposed to be scored out and estimates for current and future agency spending. It also estimates “net interest” – that is what Uncle Sam pays our lenders to service the large and burgeoning debt. Kind of like running credit card debt (but you don’t get to print your own money). Here the net interest grows from a $476 billion in 2022 and $665 billion in 2023 to $796 billion in 2024 and in 2027 at $929 billion net interest is expected to eclipse defense spending ($926 billion). It never looks back coming in at $1393 billion in 2033. In fact over the ten-year 2024-2033 period net interest is expected to be $10.543 trillion.