The national debt of the United States is the total amount of money that the U.S. federal government owes to Treasury bondholders. As of March 2025, the total U.S. federal debt was approximately $36.56 trillion.

*Components of national debt:*

- *Public debt*: Represents the amount that the government owes to bondholders, including individuals, corporations, and foreign financial institutions.

- *Intragovernmental debt*: Represents the amount that the government owes to its internal accounts, such as the Social Security Trust Fund.

*Reasons for the growth of national debt:*

- *Government spending*: Increased spending can lead to a rise in national debt.

- *Taxes*: Insufficient taxes contribute to the increase in national debt.

- *Economic crises*: Economic crises, such as the COVID-19 pandemic, can lead to an increase in national debt due to increased government spending and reduced revenues.

*Effects of national debt:*