#USNationalDebt The U.S. national debt refers to the total amount the federal government owes to creditors, both domestic and international. It is the result of accumulated budget deficits—when government spending exceeds revenue. As of 2025, the debt exceeds \$34 trillion, driven by military spending, social programs, tax cuts, and economic stimulus efforts, including those during the COVID-19 pandemic. The debt is divided into **public debt (held by investors) and intragovernmental holdings (owed to government programs like Social Security). Rising debt levels raise concerns about inflation, interest payments, and long-term economic stability, often sparking political debates about fiscal responsibility and reform.