Interest on the Debt, over time
Interest on the DebtDemocratic administrationRepublican administration
What was happening
1Fed cuts rates to near zeroDec 16, 2008
The Federal Reserve lowers its policy rate to 0–0.25%, where it stays until December 2015. Source: Federal Reserve Board ↗
2Fed cuts rates to near zeroMar 15, 2020
The Federal Reserve lowers its policy rate to 0–0.25% and begins large bond purchases. Source: Federal Reserve Board ↗
3Fed begins raising ratesMar 16, 2022
The first of 11 rate increases through July 2023, aimed at inflation, which peaks at 9.1% in June 2022. Source: Federal Reserve Board ↗
U.S. Department of the Treasury · Monthly Treasury Statement, Table 9 (net interest); OMB Historical Tables, Table 3.1 (before FY2016) · Monthly (12-month total); fiscal years before 2016 · Original source