The federal government has spent more money annually than it has collected every year since 2022.

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.

The current federal budget, deficit, and debt, in charts

The US Treasury regularly publishes updated data on the federal budget, and this site hosts visualizations of that data. See reports on spending, revenues, deficits, and where the national debt stands.

Tax policy can have a direct impact on the national debt, with past presidents' changes to tax codes inflating the deficit.

See a chart showing how much the US federal government pays in interest on its debt.

The national debt consists of public debt and intragovernmental debt.

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.

The national debt is growing at a faster rate than the economy.

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

Explore a database that shows how the US national debt changes over a 24-hour period.

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.

About one dollar in every six that are owed to the federal government aren't paid each year

That adds up to close to $1T in what's known as the "tax gap." Read a breakdown on the main drivers of tax evasion (distinct from legal tax avoidance) in the US.

The US debt ceiling is the threshold Congress sets for federal borrowing.

Many local governments also struggle to rein in their spending.

The federal debt ceiling 101

The debt ceiling periodically takes center stage as Congress debates whether to increase or suspend this self-imposed limit on its borrowing authority. Learn the basics on this crucial feature of US fiscal policy with this Q&A.

Key moments that shaped the national debt include the Civil War, both World Wars, the 2008 recession, and the COVID-19 pandemic.

Individual income taxes are the federal government's primary revenue source, see a tracker that breaks down where the rest of the budget comes from

The US government historically makes nearly half of its total revenue last year from individual income taxes. But the US makes also makes money from a variety of other sources, including Medicare taxes and corporate income taxes. However, the federal government has run a deficit since 2001—reaching a peak of $3.13T in 2020.

If the US government paid off its debt, it could disrupt the entire bond market, as Treasury bonds are among the most common bonds for investors and the majority of the national debt is in bonds.

The US national debt is over $31T

The US national debt is at its highest level ever. Learn how the national debt grew to that level and what it means for US economic growth with charts and simple explanations.

The debt ceiling is a legal cap on how much money the US government can borrow.

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.

Why Ray Dalio thinks the US deficit is a political problem

Dalio frequently argues that debt cycles are inevitable and a tradition of every empire. However, he said in 2025 that the US was headed for a debt crisis. Dalio says that while Republicans and Democrats agree on the math of the debt crisis, all politicians make promises to neither increase taxes nor cut government benefits—which Dalio says can't close the deficit.

For everyday Americans, a relatively high national debt can lead to higher interest rates on financial products such as mortgages.

In 2025, the US national debt per person was $113K.

Some economists argue that the national debt is not a critical concern.

Use this calculator to find out the programs and services your federal income taxes fund.

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In 2025, the US credit rating was downgraded over concerns about the debt-to-GDP ratio.

Nearly half of the discretionary funding in the US is allocated to national defense.

The US and Denmark are the only two countries known to abide by a predetermined borrowing limit.

About 80% of US debt is held by domestic and foreign investors.

Use this interactive calculator to see if you could rebalance the federal budget by adjusting taxes and spending.

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.

Visualize government spending with USAFacts to see complex federal budget data as clear charts and summaries, and explore where the money goes as well as how revenue, deficits, and debt change over time.

America’s looming debt spiral

The United States has a debt problem. In 1989, the national debt was almost $3T. As of 2023, that number had ballooned to more than $30T. This video explains why the national debt grew so quickly, and what America's options are going forward. It also explores why the problem is trapped in political gridlock. Watch it to find out more.

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.

A 'debt trap' refers to the need for loans or credit to cover the expenses incurred from other debt

Debt traps can be caused by unforeseen expenses or inadequate savings and can be a brutal cycle to break. At the end of 2025, total household debt in the US reached $18.8T, according to data from the Federal Reserve of New York.

See which states contribute the most and least to the federal government.