The national debt is the total amount of money the federal government has borrowed. This money supplements taxpayer dollars to fund government operations, from national defense to welfare programs. In August 2026, the US national debt passed $40T for the first time.
> See how the US national debt changes over a 24-hour period. (More)
> How a high national debt impacts everyday Americans. (More)
While taxes help pay for these programs, government spending often exceeds the revenue collected. The US government primarily sells bills, notes, and bonds (collectively called securities) to domestic and foreign individuals, companies, and other governments to cover the gap. This is called public debt. The government also has intragovernmental debt, or money one government sector owes to another. In both cases, the government promises to pay back the original value of the security plus interest to make it worth it for the lender.
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> Only two countries abide by a fixed debt ceiling: the US and Denmark. (More)
The US has accrued debt since its infancy. By 1783, debts from the Revolutionary War totaled $43M. In recent years, the wars in Afghanistan and Iraq, the 2008 recession, and the COVID-19 pandemic have significantly increased the national debt. It temporarily surpassed US GDP in spring 2026, when the country's public debt was estimated to be $31.3T.
> Only one president has ever eliminated the national debt. (More)
> Some experts argue that the national debt has become more important in recent years—here's why. (More)
Discover more:
> Why paying off the national debt could cause an economic crisis. (More)
> Visualize $102T of global debt. (More)
> Should Congress mint a coin to pay off the national debt? (More)
