US Government Interest Payments Hit 1.6 Trillion Annually, 30% of Tax Revenue

What was said

"The US government is now spending $1.6 trillion a year on interest. We spent— the US government paid $133 billion in interest in a single month. That's $1.6 trillion annualized. That's 30% of what the government collects in taxes."

Schiff revealed May 2026 federal data showing interest expense has exploded 44% year-over-year to $133 billion monthly, or $1.6 trillion annualized—equal to the entire 1997 federal budget. He warned this debt servicing burden is accelerating toward consuming 100% of tax revenue within years, forcing a sovereign debt crisis before that point.