The national debt consists of public debt and intragovernmental debt

The national debt is the total amount the US government owes its creditors

This US Treasury page explains what the national debt is, how it accumulates from annual deficits, and why rising debt can affect interest costs, fiscal flexibility, and long-term economic stability.

Nearly 70% of the US government’s debt is domestic

This includes intragovernmental holdings like the Social Security Trust Fund and investments from US citizens, banks, and mutual funds. About 30% is foreign-held, with countries like Japan and China as major creditors, investing in US Treasury securities due to their perceived safety.

The national debt of the US has been trending upward for over a century

The national debt of the US fluctuates. A federally managed database is updated daily and shows how the debt constantly changes over a 24-hour period. It’s broken down by what the government owes individual investors (debt held by the public) and what’s due to one sector of the government by another (intragovernmental holdings).

Total national debt as of yesterday

Debt to the Penny is the total debt of the U.S. government and is reported daily. It is made up of intragovernmental holdings and debt held by the public.

If the US government paid off its debt, it could disrupt the entire bond market

Treasury bonds are some of the most common bonds for investors, and the majority of the national debt is in bonds.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

Treasury bonds, notes, and bills are critical vehicles for the federal government to raise money for public expenses and manage the national debt

For investors, they're all usually considered low-risk options since they’re backed by the federal government.

How much the federal government pays in interest on the debt

A significant portion of annual funding goes to servicing the federal government's public debt, which stood at $36T in 2025. That amount required roughly $1T in interest payments just for the year.

The debt ceiling is the threshold Congress sets for federal borrowing

If the US reaches this limit and Congress doesn’t pass a bill to raise it, the government cannot repay its debts. Suddenly, investors would lose assurance that the Treasury would make good on its securities, which have long been considered the safest type of investment.

Does Social Security contribute to the national debt?

Social Security operates through a trust fund built from payroll taxes. When costs outpace revenue, as they have since 2021, the program redeems Treasury bonds to cover the gap. To repay these bonds, the government often borrows more money, indirectly adding to the national debt and impacting fiscal policy.

The US national debt has become more important in recent months

In a moment of deep economic uncertainty, the national debt now matters more than ever. Listen to this podcast to find out why and also explore answers to questions like, "Who does the US owe money to and why?"

Investors collectively own $28T in US Treasury securities

The 10-year Treasury yield is a central measure of the health of the economy, shaping how much both the government pays on its debt and the cost of borrowing for the private sector. This explainer provides stats and explainers on the important metric.

Many local governments also struggle to rein in their spending

The federal government isn’t the only one that holds debt. State and local governments borrow money to cover budget gaps, too.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

Tax policy can have a direct impact on the national debt

Past presidents' changes to tax codes have inflated the deficit. An expert on the topic explains the interplay between policy and the national budget while debunking 10 tax-related myths in this podcast.

Student debt has a widespread economic impact

Student debt is no different than the big rent or car payment that comes out of someone’s paycheck every month: Its presence affects that household’s purchasing power. Multiply that household by the 43 million Americans who had outstanding federal loan debt in September 2023, and student debt’s impact becomes considerable.

Federal spending falls into 2 categories: mandatory and discretionary

Federal spending is split between mandatory programs, funded automatically by law, and discretionary programs, funded through annual appropriations. This video breaks down which major programs fall into each category and why the distinction matters.

Direct lending is the most common form of private credit

Other types include opportunistic credit, special-situations credit, mezzanine finance, venture debt, infrastructure debt, real estate debt, and more. All of these sources of capital technically create private transactions, so they can all call themselves private credit.

Why countries have credit ratings

Sovereign credit ratings work like national credit scores, measuring a country’s ability and willingness to repay its debt. Moody’s, S&P, and Fitch are the major agencies assigning these ratings, which influence borrowing costs and investor confidence.

Andrew Jackson was the first and only president to eliminate the national debt

After Jackson slashed spending and began selling federal land, the government was accumulating more money than it was spending. The situation was unprecedented, but it didn’t last. Too much money was being printed and land prices rose to unsustainable levels. Within a year, the economy tumbled into a depression.

A venture capitalist argues that baby boomers raised the national debt

In his book "A Generation of Sociopaths," venture capitalist Bruce Cannon Gibney places blame for the nation’s rising debt squarely in the hands of baby boomers—those born between 1946 and 1964. They’ve failed to address long-term issues, focusing only on present consumption to the detriment of future generations, he says.

Not all public lands are part of the National Park System

The entire National Park System is located on public lands. There are four different land management agencies in the United States, including the National Park Service.

Fannie Mae and Freddie Mac are federal housing enterprises originally established to offer affordable housing loans to buyers

The Federal National Mortgage Association is commonly called Fannie Mae, and the Federal Home Loan Mortgage Corporation is called Freddie Mac. Since Fannie Mae’s creation in 1938 and Freddie Mac’s in 1970, they’ve become staples of the housing market.

The National Guard serves both state governors and presidents

Roughly 430,000 trained military personnel act as a strategic reserve for the US military, deployed domestically during natural disasters or unrest as well as overseas. It consists of the Army National Guard and the Air National Guard, overseen at the federal level by the National Guard Bureau.

Retail investors are individuals who trade stock for themselves

Institutional investors, on the other hand, are investing for someone else. There are big differences between the two, one being that institutional investors can be granted certain special treatment (like being able to purchase IPOs right away).

The Compromise of 1790 broke a deadlock over debt and the national capital

In 1790, Alexander Hamilton, James Madison, and Thomas Jefferson reached an agreement that allowed Congress to assume the states' war debts and to approve a permanent national capital on the Potomac River.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

An initial public offering or 'IPO' is the process of a private company becoming public by putting shares of the company on the stock market for purchase.

The rivalry between Alexander Hamilton and Thomas Jefferson centered on federalism—the question of how much power the federal government should hold relative to the states.

The USPS spent $3.97B in 2024, accounting for .058% of the federal budget.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

Some coin denominations have ridges etched on their sides, partly to prevent counterfeiting, in a practice called 'reeding.'

Before the current East Wing ballroom project, only two White House renovations in the past 100 years cost more than $10M.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

The Nasdaq's 'Magnificent 7' companies are responsible for roughly 40% of the Nasdaq 100 index's gains, while the remaining 93 companies account for the other 60%.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Use this calculator to find the dollar value of your mental load, from meal planning to coordinating after-school care for your children.

Despite being favored by 87% of Americans, Congress does not have term limits.

Most of the observable universe's volume consists of voids and supervoids—enormous regions of space with little to no galaxies, stars, or light.

Corals are themselves not coral reefs—the term refers to the tiny marine invertebrates that build the rigid reef.

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

Some researchers have labeled nomophobia, the fear of being without your phone, as 'the phobia of the 21st century.'

For centuries, Niagara Falls has been a magnet for daredevils seeking to conquer one of nature's most powerful wonders, with its 200-foot drop and water rushing at 32 feet per second with 280 tons of force.

The syncytiotrophoblast is the outer layer of the placenta and the largest human cell, spanning an area about twice that of a king-sized bedsheet.

Radioactive elements can introduce software errors because the ionizing radiation they produce can detach electrons from atoms, and computer code relies on the distribution of electrons.

Three Ebola species are responsible for most large outbreaks of the disease, yet the only approved Ebola vaccine is known to work against just one of them.

In 1945, Surrealist artist Salvador Dalí and legendary animator Walt Disney began collaborating on a short film that was not completed until 2003, years after both men had died.