05/29/2026
The federal government spends more on debt interest than on national defense or Medicaid. According to a new report from the Committee For a Responsible Federal Budget, interest costs consumed a record 19% of federal revenue in FY2025 — and if Treasury yields stay elevated, that figure could climb to nearly 30% by 2036.
That’s not a distant threat. It’s a compounding debt spiral already in motion. And it lands directly on Hoosier families — higher federal borrowing costs that push up mortgage rates, car loans, and business financing for everyone.
This is exactly why I’m leading the National Debt Crisis Task Force of State Financial Officers Foundation - SFOF — to build a movement from the states calling for the restoration of our country’s solvency. The need is urgent – the time is now to put America on a path of fiscal responsibility for the sake of us all!!
The 30-year Treasury yield just hit its highest point since before the Great Recession. A leading fiscal watchdog warns the timing could not be worse.