We are on an unsustainable fiscal path: Interest costs on US public debt rose +$37 billion YoY in the first 7 months of FY2026, or +6.4%, to a record $616 billion. Interest has more than TRIPLED for this time of the year since 2021. As a result, interest payments are now the fastest-growing portion of the entire federal budget and the 2nd-largest spending category, surpassing Defense and Medicare, only behind Social Security. The Congressional Budget Office projects annual net interest payments to more than DOUBLE from $1.0 trillion in 2026 to $2.1 trillion by 2036. Over the next 10 years, interest costs are expected to total a massive $16.2 trillion. As a proportion of GDP, interest is projected to reach 3.2% this year, surpassing the previous record set in 1991, and surging further to 4.6% of GDP by 2036. The cost of US government debt has never been this high.(The Kobeissi Letter)