The US national debt has recently crossed $37 trillion, with each citizen's share amounting to over $107,000 and the average taxpayer's share exceeding $323,000. Here's a breakdown of the current situation¹:
- Total Federal Debt: As of March 6, 2025, the federal government debt stood at $36.56 trillion. However, recent updates indicate it has surpassed $37 trillion.
- Debt Held by the Public: Approximately $29 trillion is held by the public, while intragovernmental holdings account for around $7.4 trillion.
- Interest Expense: The annualized cost of servicing this debt was $726 billion in July 2023, accounting for 14% of total federal spending. In FY 2023, interest expense on the public debt was around $678 billion, with an additional $197 billion in non-cash interest expense for intragovernmental debt.
- Debt-to-GDP Ratio: The US debt-to-GDP ratio has risen significantly, from 52% in 1960 to around 123% currently. This increase is attributed to factors like aging demographics, rising healthcare costs, and growing national debt.
- Total National and Consumer Debt: The combined debt of the United States, including public, household, and business debt, has reached over $104 trillion, with interest paid on this debt exceeding $5.46 trillion.
