US Federal Debt

Extracted Attributes

• Components

  Debt held by the public and Intragovernmental debt

• Regulatory Limit

  United States debt ceiling

• Debt-to-GDP Ratio (2024)

  99%

• Foreign Holdings (December 2021)

  $7.7 trillion

• Projected Debt-to-GDP Ratio (2034)

  116%

• Total National Debt (November 2025)

  $38.39 trillion

• Annualized Servicing Cost (July 2023)

  $726 billion

• Debt Held by the Public (October 2025)

  $30.4 trillion

Timeline

• US government debt recorded at a historical low of $60 billion. (Source: Trading Economics)

  1942-01-01

• Federal debt reaches 106% of GDP following heavy borrowing for World War II. (Source: RAND Corporation)

  1946-12-31

• The US successfully reduces its debt burden to 23% of GDP. (Source: RAND Corporation)

  1974-12-31

• The budget deficit for fiscal year 2020 reaches 16% of GDP due to COVID-19 relief spending. (Source: Wikipedia)

  2020-09-30

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

  2022-02-01

• The annualized cost of servicing the national debt reaches $726 billion. (Source: Wikipedia)

  2023-07-01

• Total federal debt rises to $34.4 trillion, with interest payments surpassing Medicare and defense spending. (Source: Wikipedia)

  2024-02-01

• The national debt reaches the $37 trillion milestone. (Source: Wikipedia)

  2025-08-12

• The national debt hits $38 trillion during a 23-day federal government shutdown. (Source: Wikipedia)

  2025-10-23

• Government debt in the United States increases to an all-time high of $38.39 trillion. (Source: Trading Economics)

  2025-11-01

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. The US Department of the Treasury publishes a daily total of the national debt, which as of November 2025 is $38 trillion. Treasury reports: "The Debt to the Penny dataset provides information about the total outstanding public debt and is reported each day. Debt to the Penny is made up of intragovernmental holdings and debt held by the public, including securities issued by the U.S. Treasury. Total public debt outstanding is composed of Treasury Bills, Notes, Bonds, Treasury Inflation-Protected Securities (TIPS), Floating Rate Notes (FRNs), and Federal Financing Bank (FFB) securities, as well as Domestic Series, Foreign Series, State and Local Government Series (SLGS), U.S. Savings Securities, and Government Account Series (GAS) securities." Related terms such as "national deficit" and "national surplus" 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 or by issuing less new debt than old debt it redeems at maturity. 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. On October 23, 2025, the National debt reached $38 trillion, a new high. The milestone was achieved amidst a Federal government shutdown, which by then had been going on for 23 days. The shutdown caused delays in economic activity and the postponement of financial decisions, pushing the number even further up. An increase of $1 trillion, from $37 to $38 trillion, was recorded between Aug. 12 and Oct. 23 of the same year, a time interval of merely 71 days. In addition, more than $382 billion of debt were added in the first 23 days of the government shutdown alone, according to the Joint Economic Committee (JEC), translating to an average rate of increase of $192,200 per second.

Web Search Results

• The U.S. Got Out from Crippling Levels of Federal Debt ...

  The total federal debt of the United States passed a new milestone on October 21, 2025, reaching $38 trillion for the first time, with $30.4 trillion in federal debt held by the public, which is equivalent to about 100 percent of our gross domestic product (GDP). This is the highest level it's been relative to our GDP since 1946. [...] But we've been here before, and we got out of it. In 1946, after borrowing heavily to fund our World War II efforts and the efforts of the Allies, the federal debt of the United States reached 106 percent of GDP. Unlike most other nations (PDF) in history that reached this level of indebtedness, the United States managed to reduce its debt burden without default. From 1946 to 1974, the United States reduced its debt burden from 106 percent down to 23 percent of GDP.

• National debt of the United States

  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 [...] 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 [...] 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.

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

  Inflation Adjusted - 2025 Dollars 2025 Fiscal Year $37.64 T Total Debt Visit the Historical Debt Outstanding dataset to explore and download this data. The inflation data is sourced from the Bureau of Labor Statistics. Last Updated: September 30, 2025 Over the past 100 years, the U.S. federal debt has increased from $381 B in 1925 to $37.64 T in 2025. [...] 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 [...] Understanding the National Debt | U.S. Treasury Fiscal Data Image 1 Image 2Image 3: Small U.S. flag An official website of the U.S. government Here's how you know Image 5 Image 6: Fiscal Data logo Topics Tools Dataset Search Resources About Us Menu Overview Overview Revenue Spending Deficit Debt What is the national debt? The national debt ($38.38 T) is the total amount of outstanding borrowing by the U.S. Federal Government accumulated over the nation’s history.

• United States Government Debt - Trading Economics

  []( United States Government Debt In the United States, government debt refers to federal debt held by individuals, corporations, state or local governments, foreign governments, and other entities outside of the United States Government less Federal Financing Bank securities.. | | Actual | Previous | Highest | Lowest | Dates | Unit | Frequency | | --- --- --- --- | | 38396211.00 | 38040094.00 | 38396211.00 | 60000.00 | 1942 - 2025 | USD Million | Monthly | Current prices, NSA | [...] Government Debt in the United States increased to 38396211 USD Million in November from 38040094 USD Million in October of 2025. Government Debt in the United States averaged 6210664.88 USD Million from 1942 until 2025, reaching an all time high of 38396211.00 USD Million in November of 2025 and a record low of 60000.00 USD Million in January of 1942. source: U.S. Department of the Treasury USD Million 1Y3Y5Y10YMAX Export API OK Loading... [...] | Related | Last | Previous | Unit | Reference | --- --- | Asylum Applications | 892904.00 | 498861.00 | Persons | Dec 2024 | | Credit Rating | 97.00 | | | Jan 2026 | | Fiscal Expenditure | 509278.00 | 688721.00 | USD Million | Nov 2025 | | Government Budget | -6.40 | -6.20 | percent of GDP | Dec 2024 | | Monthly Budget Statement | -173000.00 | -284000.00 | USD Million | Nov 2025 | | Government Debt | 38396211.00 | 38040094.00 | USD Million | Nov 2025 |

• U.S. National Debt by Year - Investopedia

  The U.S. federal debt is mainly held by the American public, followed by foreign governments, U.S. banks, and investors. This portion of the debt held by the public doesn’t include U.S. debt held by the federal government or intragovernmental debt. Debt held by the public includes individuals, corporations, state or local governments, Federal Reserve banks, foreign investors and governments, and other entities outside the U.S. government. ### 124% [...] 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.1 Understanding the National Debt [...] As of October 2025, the U.S. national debt was over $38 trillion. Tax cuts, stimulus programs, and increased government spending on defense can cause the national debt to rise sharply. Looking at the debt-to-gross-national-product ratio of a country shows whether the nation can pay back its debt. The U.S. periodically hits its debt limit; the ceiling can be raised or temporarily suspended.