Federal Debt

Extracted Attributes

• Type

  Total national debt

• Impact

  High long-term interest rates, potential for economic crisis (unrealized losses in banking, commercial real estate debt)

• Owed by

  Federal government of the United States

• Owed to

  Treasury security holders

• Components

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

• Primary drivers of increase

  Interest costs, mandatory spending, government spending

• Contributing factors to concern

  Aging demographics, rising healthcare costs

• Current amount (October 23, 2025)

  $38 trillion

• Debt held by the public (December 2021)

  96.19% of GDP

• Annualized cost of servicing debt (July 2023)

  $726 billion

• Foreign ownership of public debt (December 2021)

  Approximately 33%

• Percentage of total federal spending (July 2023)

  14%

• Projection (CBO, February 2024) - Debt held by public (2024)

  99% of GDP

• Projection (CBO, February 2024) - Debt held by public (2034)

  116% of GDP

• Projection (CBO, February 2024) - Debt held by public (2054)

  172% of GDP

• Total U.S. Treasury securities held by foreign entities (December 2021)

  $7.7 trillion

Timeline

• Debts incurred during the American Revolutionary War amounted to over $75 million. (Source: U.S. Treasury Fiscal Data)

  1791-01-01

• Debt notably shrank due to sale of federally-owned lands and budget cuts. (Source: U.S. Treasury Fiscal Data)

  1835

• Debt grew over 4,000% from $65 million during the American Civil War. (Source: U.S. Treasury Fiscal Data)

  Civil War Era

• The budget deficit for fiscal year 2020 (during the COVID-19 pandemic) was the largest as a percentage of GDP since this year. (Source: Wikipedia)

  1945

• The budget deficit for fiscal year 2020 was estimated at $3.3 trillion or 16% of GDP due to COVID-19 aid and economic relief. (Source: Wikipedia)

  2020

• Foreign entities held $7.1 trillion in U.S. Treasury securities. (Source: Wikipedia)

  2020-12

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

  2021-12

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

  2021-12

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

  2022-02

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

  2023-07

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

  2023-12

• 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. (Source: Wikipedia)

  2024-02

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

  2024

• Federal debt held by the public was projected to be 99 percent of GDP. (Source: Wikipedia)

  2024

• The national debt was $37 trillion, before increasing by $1 trillion in 71 days. (Source: Wikipedia, PBS)

  2025-08-12

• The national debt reached $38 trillion, a new high, amidst a 23-day federal government shutdown. This marked an increase of $1 trillion from August 12, 2025, in just 71 days. (Source: Wikipedia, PBS)

  2025-10-23

• More than $382 billion of debt were added in the first 23 days of the government shutdown alone, translating to an average rate of increase of $192,200 per second. (Source: Wikipedia)

  2025-10

• Federal debt held by the public is projected to rise to 116 percent of GDP. (Source: Wikipedia)

  2034

• Federal debt held by the public is projected to rise to 172 percent of GDP. (Source: Wikipedia)

  2054

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 October 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 dollars, 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 dollars, 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 dollars 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

• National debt of the United States - Wikipedia

  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 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 has a daily total of the national debt. As of October 2025, the federal government debt 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

• 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% [...] 8. Federal Reserve Economic Data (FRED), Federal Reserve Bank of St. Louis. “Federal Debt: Total Public Debt as Percent of Gross Domestic Product.” 9. Congressional Budget Office. “Federal Debt: A Primer.” 10. Fiscal Data, U.S. Department of the Treasury. "Interest Expense and Average Interest Rates on the National Debt." 11. The New York Times. “U.S. National Debt Tops $31 Trillion for First Time.” 12. Government Accountability Office. “Federal Debt & Debt Management.” [...] The federal government borrows money to cover outstanding expenses that accumulate over time. Funds for federal spending are mainly generated by collecting taxes on personal and corporate income, payroll earnings, and borrowing.

• 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 federal government needs to borrow money to pay its bills when its ongoing spending activities and investments cannot be funded by federal revenues alone. Decreases in federal revenue are largely due to either a decrease in tax rates or individuals or corporations making less money. The national debt enables the federal government to pay for important programs and services even if it does not have funds immediately available, often due to a decrease in revenue. Decreases in federal revenue [...] The U.S. has carried debt since its inception. Debts incurred during the American Revolutionary War amounted to over $75 million by January 1, 1791. Over the next 45 years, the debt continued to grow until 1835 when it notably shrank due to the sale of federally-owned lands and cuts to the federal budget. Shortly thereafter, an economic depression caused the debt to again grow into the millions. The debt grew over 4,000% through the course of the American Civil War, increasing from $65 million

• U.S. hits $38 trillion in debt, after the fastest accumulation of $1 ...

  WASHINGTON (AP) — In the midst of a federal government shutdown, the U.S. government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet. It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year. WATCH: How debt interest is becoming a bigger problem for the U.S. government

• Debt to the Penny | U.S. Treasury Fiscal Data

  | Debt to the Penny | debt\_held\_public\_amt | Debt Held by the Public | All federal debt held by individuals, corporations, state or local governments, Federal Reserve Banks, foreign governments, and other entities outside the United States Government less Federal Financing Bank (FFB) securities. Debt held by the public is composed of Treasury Bills, Notes, Bonds, Treasury Inflation-Protected Securities (TIPS), Floating Rate Notes (FRNs), Domestic Series, Foreign Series, State and Local [...] Treasury Statement (MTS), Daily Treasury Statement (DTS), and Schedules of Federal Debt datasets. Debt issued by the Federal Financing Bank (FFB) is included in the intragovernmental holdings in the Debt to the Penny dataset, but not in the Schedules of Federal Debt dataset because it is not debt managed by the Bureau of the Fiscal Service. The difference between these datasets is equal to the amount of debt issued by the FFB. [...] Schedules of Federal Debt contains Debt Held by the Public and Intragov Holdings, but does not aggregate these two categories into TPDO. In this dataset, Intragov Holdings do not include debt issued by the FFB. Dollar values are rounded in millions to cohere with other data in the dataset. End Total Public Debt Outstanding Disclaimer