The United States national debt has exceeded $40 trillion for the first time, according to Treasury Department data, raising fresh concerns about the country’s fiscal trajectory.
The total debt, which includes obligations to the public and intra-governmental holdings, more than doubled from about $20 trillion in January 2017. It rose by $3.8 trillion since President Donald Trump returned to office in January 2025, contributing to $11.6 trillion in growth across his two terms.
Debt held by the public accounts for roughly 80 percent, or about $32 trillion. Domestic holders include the Federal Reserve, mutual funds, pension funds and banks, while foreign creditors such as Japan, the United Kingdom and China hold significant portions.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, said the figure has real economic effects.
“$40 trillion of debt doesn’t exist solely on the government’s ledgers; it is felt throughout the economy and finds its way to the pocketbooks of people one way or another,” she said.
Experts attribute the rise to pandemic-era spending, tax cuts, rising interest costs that now exceed $1 trillion annually, and growing outlays for Social Security and Medicare. The Congressional Budget Office projects debt could reach 120 percent of GDP by 2036.
