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What is Local Spending on Interest?

In FY 2023, local government outlays on interest were $58 billion.

Estimated spending on interest for FY 2024 is $57 billion.

Local Interest Analysis  

 

This page shows the current trends in US Local outlays on interest.

Recent US Local Spending on Interest

Recent Local Interest Spending

Chart S.71l: Recent Local Interest Spending

Local spending on interest was increasing in the late 2000s reaching $60 billion in 2010. For most of the 2010s local spending on interest kept below $65 billion. Local interest spending for FY2023 was estimated at $58 billion.

Recent Local Int Spend as Pct GDP

Chart S.72l: Recent Local Int Spend as Pct GDP

Viewed from a GDP perspective, local spending on interest in the late 2000s increased from 0.36 percent GDP to 0.41 percent GDP in 2009. In the 2010s local spending on interest has steadily declined. Local spending on interest for FY2023 was estimated at 0.21 percent GDP.

Spending Analyses:

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US Local Spending on Interest Since 1900

Local Interest since 1900

Chart S.73l: Local Interest since 1900

Local government spending on interest at the start of the 20th century was 0.26 percent of GDP and increased steadily for the next 30 years, hitting 0.52 percent GDP in 1929. In the Great Depression local spending on interest began a sharp increase, hitting 1.09 percent GDP in 1933. For the rest of the 1930s and through World War II local spending on interest declined sharply, passing 0.51 percent GDP in 1940 and bottoming out at 0.11 percent GDP in 1951.

Starting in 1952 local spending on interest began a sustained increase, hitting 0.21 percent GDP in 1960, 0.3 percent GDP in 1974, 0.3 percent GDP in 1983 and peaking at 0.48 percent GDP in 1987.

In the 1990s and 2000s, local spending on interest declined, down to 0.4 percent GDP in 2000.

In the 2010s local spending on interest has steadily declined, down to 0.31 percent GDP in 2020.

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Check STATE spending: CA NY TX FL and compare.

See SPENDING ANALYSIS briefing.

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Take a COURSE at Spending 101.

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Spending Data Sources

Spending data is from official government sources.

Gross Domestic Product data comes from US Bureau of Economic Analysis and measuringworth.com.

Detailed table of spending data sources here.
Medicare breakdown here; Medicaid breakdown here.

Federal spending data begins in 1792.

State and local spending data begins in 1820.

State and local spending data for individual states begins in 1957.

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Gross Federal Debt

Debt Now:  $34,544,912,251,854.53
Debt 2/2020:$23,409,959,150,243.63

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Data Sources for 2019_2029:

Sources for 2019:

GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 3.2, 5.1, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported spending forward to future years

Sources for 2029:

GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 3.2, 5.1, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported spending forward to future years

> data sources for other years
> data update schedule.

Blog

Federal Budget for FY25 Released

On March 11, 2024, we updated usgovernmentspending.com with the numbers from the Public Budget Database in the Budget of the United States Government for Fiscal Year 2025. 

Here is how headline budget estimates for the upcoming FY 2024 fiscal year have changed since the release of the FY 2024 budget a year ago in Winter 2023.

Federal Budget Changes for 2024
$ billionEstimate for 2024
in FY2024 Budget		Estimate for 2024
in FY2025 Budget		Change
Federal Outlays$6,371.8$6,940.9 +$569.1
Federal Receipts$4,802.5$5,081.6+$279.1
Federal Deficit$1,569.4$1,859.4+$290.0

You can see line item changes from budget to budget here. You can compare budget estimates with actuals here.

Account level spending estimates through FY 2029 come from the Outlays table in the Public Budget Database and were updated on usgovernmentspending.com on March 11, 2024.

Account level budget authority estimates through FY 2029 come from the Budget Authority table in the Public Budget Database and were updated on usgovernmentspending.com on March 11, 2024. 

Agency Debt Update for 2023
On March 11, 2024, usgovernmentspending.com updated its data for agency debt from the Federal Reserve Board database. Data is now available for the period 1945-2023. You can see our Agency Debt pag ...

US GDP for 2023 Updated
On January 19, 2024 usgovernmentspending.com updated its GDP series with the latest data from the Bureau of Economic Analysis, ...

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Budget News

President’s FY 2025 Budget Release Scheduled for March 11
Although the FY 2024 appropriations process is not yet resolved

Biden to Release Budget March 9
will press McCarthy On Default Risk - Bloomberg

Biden to Release 2023 Budget Request on March 28
how the administration expects to spend money for priorities including aid to Ukraine and the continuing effort to fight the coronavirus pandemic, as well as legislative proposals such as increased funding for community policing programs, cancer research, and mental health education.

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