National Debt

Extracted Attributes

• Components

  Debt held by the public, Debt held by government accounts (intragovernmental debt)

• Definition

  Total national debt owed by the federal government of the United States to treasury security holders

• Legal Limit

  United States debt ceiling

• CBO Projection (2054)

  Projected to reach 172% of GDP

• Mechanism of Decrease

  Government surplus (revenue exceeds spending), growth of GDP, inflation

• Mechanism of Increase

  Government needs to borrow funds to finance a deficit (spending exceeds revenue)

• CBO Projection (2024-2034)

  Federal debt held by the public projected to rise from 99% of GDP in 2024 to 116% in 2034

• Total Federal Debt (as of 2023-12)

  $33.1 trillion

• Intragovernmental debt (as of 2023-12)

  $12.1 trillion

• Debt held by the public (as of 2023-12)

  $26.5 trillion

• Factors for Long-Term Sustainability Concern

  Aging demographics, rising healthcare costs, growing interest costs, mandatory spending outpacing revenue and economic growth

• Total Federal Government Debt (as of 2024-02)

  $34.4 trillion

• Total Federal Government Debt (as of 2025-05)

  Exceeded $36.2 trillion

• Foreign Ownership of Public Debt (as of 2021-12)

  Approximately 33%

• Annualized Cost of Servicing Debt (as of 2023-07)

  $726 billion

• Current Total Federal Government Debt (as of 2025-08-13)

  $37.00 trillion

• Debt held by the public as Percentage of GDP (as of 2021-12)

  96.19%

• Total US Treasury Securities Held by Foreign Entities (as of 2020-12)

  $7.1 trillion

• Total US Treasury Securities Held by Foreign Entities (as of 2021-12)

  $7.7 trillion

• Servicing Cost as Percentage of Total Federal Spending (as of 2023-07)

  14%

Timeline

• Accumulated more than $75 million in debt during the Revolutionary War. (Source: Web Search)

  1783-01-01

• Debt increased to over $2 billion by the end of the Civil War. (Source: Web Search)

  1865-12-31

• Debt reached $51 billion prior to World War II. (Source: Web Search)

  1940-01-01

• Debt rose to $260 billion following World War II. (Source: Web Search)

  1945-09-02

• Debt began to increase rapidly, more than tripling between 1980 and 1990. (Source: Web Search)

  1980-01-01

• Debt shrank briefly after the end of the Cold War. (Source: Web Search)

  1991-12-26

• Gross national debt reached $10.3 trillion by the end of Fiscal Year 2008. (Source: Web Search)

  2008-09-30

• Total national debt began expanding rapidly due to increased government spending and failure to raise taxes. (Source: Web Search)

  2008-01-01

• Congressional Budget Office (CBO) projected gross federal debt to eclipse $37 trillion after fiscal year 2030. (Source: Web Search)

  2020-01-01

• Budget deficit for fiscal year 2020 increased to $3.3 trillion or 16% of GDP, the largest as a percentage of GDP since 1945. (Source: Wikipedia)

  2020-09-30

• Debt held by the public was estimated at 96.19% of GDP. (Source: Wikipedia)

  2021-12-31

• Total amount of U.S. Treasury securities held by foreign entities was $7.7 trillion. (Source: Wikipedia)

  2021-12-31

• Total US federal government debt breached the $30 trillion mark for the first time in history. (Source: Wikipedia)

  2022-02-01

• Annualized cost of servicing the debt was $726 billion, accounting for 14% of total federal spending. (Source: Wikipedia)

  2023-07-31

• Total federal debt was $33.1 trillion ($26.5 trillion held by the public and $12.1 trillion in intragovernmental debt). (Source: Wikipedia)

  2023-12-31

• Total federal government debt rose to $34.4 trillion. (Source: Wikipedia)

  2024-02-01

• Federal interest payments on the national debt surpassed spending on both Medicare and national defense. (Source: Wikipedia)

  2024-02-01

• CBO estimated federal debt held by the public is projected to rise from 99% of GDP in 2024 to 116% in 2034. (Source: Wikipedia)

  2024-02-01

• U.S. national debt exceeded $36.2 trillion. (Source: Web Search)

  2025-05-31

• Total federal government debt stands at $37.00 trillion. (Source: Summary)

  2025-08-13

National debt of the United States

The "national debt of the United States" is the total national debt owed by the federal government of the United States to treasury security holders. The national debt at a given point in time is the face value of the then outstanding treasury securities that have been issued by the Treasury and other federal agencies. Related terms such as "national deficit" and "national surplus" most often refer to the federal government budget balance from year to year and not the cumulative amount of debt held. In a deficit year, the national debt increases as the government needs to borrow funds to finance the deficit. In a surplus year, the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back Treasury securities. Broadly, US government debt increases as a result of government spending and decreases from tax or other funding receipts, both of which fluctuate during a fiscal year. The aggregate, gross amount that Treasury can borrow is limited by the United States debt ceiling. There are two components of gross national debt: "Debt held by the public" – such as Treasury securities held by investors outside the federal government, including those held by individuals, corporations, the Federal Reserve, and foreign, state and local governments. "Debt held by government accounts" or "intragovernmental debt" – is non-marketable Treasury securities held in accounts of programs administered by the federal government, such as the Social Security Trust Fund. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of various government programs that have been invested in Treasury securities. Historically, the U.S. public debt as a share of gross domestic product (GDP) increases during wars and recessions and then subsequently declines. For instance, most recently, during the COVID-19 pandemic, the federal government spent trillions in virus aid and economic relief. The Congressional Budget Office (CBO) estimated that the budget deficit for fiscal year 2020 would increase to $3.3 trillion or 16% GDP, more than triple that of 2019 and the largest as a percentage of GDP since 1945. In December 2021, debt held by the public was estimated at 96.19% of GDP, and approximately 33% of this public debt was owned by foreigners (government and private). The ratio of debt to GDP may decrease as a result of a government surplus or via growth of GDP and inflation. The CBO estimated in February 2024 that Federal debt held by the public is projected to rise from 99 percent of GDP in 2024 to 116 percent in 2034, and would continue to grow if current laws generally remained unchanged. Over that period, the growth of interest costs and mandatory spending outpaces the growth of revenues and the economy, driving up debt. If those factors persist beyond 2034, pushing federal debt higher still, to 172 percent of GDP in 2054. The United States has the largest external debt in the world. The total amount of U.S. Treasury securities held by foreign entities in December 2021 was $7.7 trillion, up from $7.1 trillion in December 2020. Total US federal government debt breached the $30 trillion mark for the first time in history in February 2022. In December 2023, total federal debt was $33.1 trillion; $26.5 trillion held by the public and $12.1 trillion in intragovernmental debt. The annualized cost of servicing this debt was $726 billion in July 2023, which accounted for 14% of the total federal spending. Additionally, in recent decades, aging demographics and rising healthcare costs have led to concern about the long-term sustainability of the federal government's fiscal policies. In February 2024, the total federal government debt rose to $34.4 trillion, after increasing by approximately $1 trillion during each of two separate 100-day periods since the previous June. In 2024, federal interest payments on the national debt surpassed spending on both Medicare and national defense. As of August 13, 2025, the federal government debt is $37.00 trillion.

Web Search Results

• U.S. National Debt by Year - Investopedia

  The national debt is the total amount of money that a country owes to its creditors. The government spends money on programs such as healthcare, education, and Social Security, and accumulates debt by borrowing to cover the outstanding balance of expenses incurred over time. Major economic and political events, such as recessions, wars, or pandemics, can affect government spending. [...] National debt is the outstanding financial obligations of a country. The national debt of the United States is what the federal government owes to its creditors. The U.S. has always carried national debt, and the majority of presidents have added to it. However, total national debt has been expanding rapidly since 2008 due to a combination of increased government spending and failure to raise taxes. ### Key Takeaways ## Understanding the National Debt [...] As of May 2025, the U.S. national debt exceeded $36.2 trillion. ## The Growing National Debt The U.S. has carried debt since it was founded. In fact, the U.S. accumulated more than $75 million in debt during the Revolutionary War, and that increased to over $2 billion by the end of the Civil War in 1865.

• Understanding the National Debt | U.S. Treasury Fiscal Data

  The national debt is the amount of money the federal government has borrowed to cover the outstanding balance of expenses incurred over time. In a given fiscal year (FY), when spending (ex. money for roadways) exceeds revenue (ex. money from federal income tax), a budget deficit results. To pay for this deficit, the federal government borrows money by selling marketable securities such as Treasury bonds, bills, notes,floating rate notes, and Treasury inflation-protected securities (TIPS). The [...] The national debt ($37 T) is the total amount of outstanding borrowing by the U.S. Federal Government accumulated over the nation’s history. $ 1 0 0 1 1 0 0 1 , 0 0 0 0 0 0 , 0 0 0 0 0 0 , 0 0 0 0 0 0 , 0 0 0 0 0 0 $3 6,9 9 6,2 0 5,9 6 7,1 4 9 Updated daily from the Debt to the Penny dataset. Key Takeaways The National Debt Explained Funding Programs & Services The Growing National Debt Breaking Down the Debt The Debt Ceiling Tracking the Debt [...] The national debt is composed of distinct types of debt, similar to an individual whose debt consists of a mortgage, car loan, and credit cards. The national debt can be broken down by whether it is non-marketable or marketable and whether it is debt held by the public or debt held by the government itself (known as intragovernmental). The national debt does not include debts carried by state and local governments, such as debt used to pay state-funded programs; nor does it include debts

• U.S. national debt reaches a record $37 trillion, the Treasury ...

  The U.S. government’s gross national debt has surpassed $37 trillion, a record number that highlights the accelerating debt on America’s balance sheet and increased cost pressures on taxpayers. The $37 trillion update is found in the latest Treasury Department report issued Tuesday which logs the nation’s daily finances. [...] # U.S. national debt reaches a record $37 trillion, the Treasury Department reports The national debt eclipsed $37 trillion years sooner than pre-pandemic projections. The Treasury building in Washington on June 29. Ting Shen / Bloomberg / Getty Images Create your free profile or log in to save this article / Source: The Associated Press By The Associated Press [...] The national debt eclipsed $37 trillion years sooner than pre-pandemic projections. The Congressional Budget Office’s January 2020 projections had gross federal debt eclipsing $37 trillion after fiscal year 2030. But the debt grew faster than expected because of a multi-year COVID-19 pandemic starting in 2020 that shut down much of the U.S. economy, where the federal government borrowed heavily under then-President Donald Trump and former President Joe Biden to stabilize the national economy

• What Is the National Debt Right Now? - Peterson Foundation

  The $36 trillion gross federal debt equals debt held by the public plus debt held by federal trust funds and other government accounts. In very basic terms, this can be thought of as debt that the government owes to others plus debt that it owes to itself. Learn more about different ways to measure our national debt. [...] National Debt Clock: What Is the National Debt Right Now? =============== Why is it So High? What is it Costing Us? Why Does It Matter? What Can We Do? Take Action Share ) what is the National Debt today? ================================ $36,915,395,270,077 That's $108,167 for every single person in America scroll to learn moreImage 5 Image 6: line - chart 6 Why is the National Debt so high? ================================= [...] #### America's growing debt is the result of simple math — each year, there is a mismatch between spending and revenues. When the federal government spends more than it takes in, it has to borrow money to cover that annual deficit. And each year’s deficit adds to our growing national debt. Historically, the largest deficits were caused by increased spending around national emergencies like major wars or the Great Depression.

• History of the Debt - TreasuryDirect

  The buildup to World War II brought the debt up another order of magnitude from $51 billion in 1940 to $260 billion following the war. After this period, the debt's growth closely matched the rate of inflation until the 1980s, when it again began to increase rapidly. Between 1980 and 1990, the debt more than tripled. The debt shrank briefly after the end of the Cold War, but by the end of FY 2008, the gross national debt had reached $10.3 trillion, about 10 times its 1980 level.