The debt that the U.S. federal government owes to Treasury bondholders. The total U.S. federal debt was approximately $36.56 trillion in March 2025.

*Components of the national debt:*

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

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