How much is the Us national debt right now?
Total federal debt (May 2025): approximately $36.2 trillion .
As of Q1 2025, that debt equals about 121% of GDP .
About $28.8 T is held by the public (Treasury securities), and $7.3 T is owed to government trust funds (e.g. Social Security, Medicare) .
🧭 Context & trends
Monthly trajectory: In 2024–2025, debt rose ~2% year-over-year, with a 31% increase compared to pre‑COVID levels .
Rollover challenges: Roughly $9.2 trillion of the debt is due to mature in 2025, requiring refinancing at higher interest rates—adding borrowing pressure .
Interest burden: Annual interest payments now exceed $1 trillion, consuming a large share of federal revenues .
⚠️ Fiscal ceiling & risks
Debt ceiling reinstated at $36.1 trillion on January 2, 2025—shortly after which the U.S. hit the limit .
Since late January, the Treasury has used “extraordinary measures” (like pausing trust fund investments) to avoid default. These are expected to run dry by August–September 2025 .
Credit concerns: In May 2025, Moody’s downgraded the U.S. credit rating to Aa1, citing rising debt levels and persistent deficits .
🧾 Major contributors
Post‑2001, deficits exploded due to:
Tax cuts under Bush and Trump
Wars in Iraq/Afghanistan
The 2008 financial crisis, COVID relief, and healthcare expansions
Current policies (e.g., the “One Big Beautiful Bill” tax package) may add $2–4 trillion to the debt over the next decade .
CBO forecasts expect federal debt-to-GDP to climb further, possibly reaching 116–172% by 2034–2054 if current laws persist .
✅ Bottom line
The U.S. is now carrying $36+ trillion in debt, over 120% of GDP, and already hit its legal borrowing limit. With massive next-year rollovers and no clear debt-ceiling solution yet, risks include elevated interest costs, credit downgrades, and potential default if Congress doesn't act.
