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yesterday

U.S. Gross National Debt Surpasses $37 Trillion at Accelerated Pace

Treasury figures with CBO projections tying the surge to recent tax-and-spending legislation underscore rising interest costs, pointing to growing economic risks.

U.S. Treasury Secretary Scott Bessent listens as U.S. President Donald Trump delivers remarks during a bilateral lunch with Norway's Prime Minister Jonas Gahr Store in the Cabinet Room at the White House on April 24, 2025 in Washington, DC.
FILE - Treasury Secretary Scott Bessent arrives at the White House, Wednesday, July 16, 2025, in Washington. (AP Photo/Alex Brandon,File)

Overview

  • The Treasury Department reported on Aug. 12 that gross federal debt reached $37,004,817,625,842.56, less than eight months after topping $36 trillion and marking a record-setting pace.
  • Debt held by the public is projected to climb to about 99% of GDP this year, a level economists link to higher borrowing costs and reduced private investment.
  • The Congressional Budget Office estimates the Republican tax-and-spending law enacted earlier this year will add roughly $4.1 trillion to deficits over the coming decade.
  • Analysts calculate the nation is accruing about $1 trillion of new debt every five months, with the Joint Economic Committee forecasting another trillion in approximately 173 days at current rates.
  • Fiscal watchdogs including the GAO, CRFB and Peterson Foundation warn that mounting debt will drive sharply higher interest payments, crowd out federal priorities and elevate economic vulnerabilities.