Figure D
After two decades of falling, real burden of federal debt has begun rising sharply: Real debt service as % of GDP, 1962–2034
| Year | Real debt service as share of GDP | Real debt service as share of GDP (Projected) |
|---|---|---|
| 1962 | 0.9% | |
| 1963 | 0.9% | |
| 1964 | 0.7% | |
| 1965 | 0.8% | |
| 1966 | 0.7% | |
| 1967 | 0.7% | |
| 1968 | 0.6% | |
| 1969 | 0.6% | |
| 1970 | 0.6% | |
| 1971 | 0.6% | |
| 1972 | 0.7% | |
| 1973 | 0.6% | |
| 1974 | 0.6% | |
| 1975 | 0.7% | |
| 1976 | 0.8% | |
| 1977 | 0.8% | |
| 1978 | 0.9% | |
| 1979 | 0.9% | |
| 1980 | 1.0% | |
| 1981 | 1.2% | |
| 1982 | 1.5% | |
| 1983 | 1.6% | |
| 1984 | 1.9% | |
| 1985 | 2.1% | |
| 1986 | 2.2% | |
| 1987 | 2.1% | |
| 1988 | 2.3% | |
| 1989 | 2.3% | |
| 1990 | 2.4% | |
| 1991 | 2.5% | |
| 1992 | 2.6% | |
| 1993 | 2.5% | |
| 1994 | 2.4% | |
| 1995 | 2.6% | |
| 1996 | 2.6% | |
| 1997 | 2.5% | |
| 1998 | 2.2% | |
| 1999 | 2.0% | |
| 2000 | 1.8% | |
| 2001 | 1.5% | |
| 2002 | 1.2% | |
| 2003 | 1.1% | |
| 2004 | 1.1% | |
| 2005 | 1.2% | |
| 2006 | 1.3% | |
| 2007 | 1.3% | |
| 2008 | 1.4% | |
| 2009 | 0.9% | |
| 2010 | 0.7% | |
| 2011 | 0.9% | |
| 2012 | 0.7% | |
| 2013 | 0.7% | |
| 2014 | 0.6% | |
| 2015 | 0.5% | |
| 2016 | 0.7% | |
| 2017 | 0.8% | |
| 2018 | 1.1% | |
| 2019 | 1.3% | |
| 2020 | 1.1% | |
| 2021 | 0.9% | |
| 2022 | 1.4% | |
| 2023 | 2.2% | |
| 2024 | 3.0% | |
| 2025 | 3.1% | |
| 2026 | 3.2% | |
| 2027 | 3.3% | |
| 2028 | 3.4% | |
| 2029 | 3.3% | |
| 2030 | 3.4% | |
| 2031 | 3.5% | |
| 2032 | 3.6% | |
| 2033 | 3.6% | |
| 2034 | 3.7% |
Note: Real debt service ratio defined as nominal interest payments adjusted by the 5-year average of inflation rates divided by nominal GDP. This debt measure includes only debt held by public, and the debt service measure subtracts out remittances from the Federal Reserve to the U.S. Treasury.
Sources: Data on debt and interest rates from CBO (2025a). Data on assets held by the federal government from the Financial Accounts of the United States, from Federal Reserve Board (2025). Data on Federal Reserve remittances to the U.S. Treasury from BEA NIPA Table 3.2. All projections of economic variables past 2025 from CBO (2025a).
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