The U.S. National Debt is the total amount of money the federal government owes to creditors. It includes debt held by the public and intragovernmental holdings. As of 2025, it exceeds $34 trillion, driven by consistent budget deficits, where government spending surpasses revenue. Major contributors include defense, social programs, interest payments, and emergency funding like COVID-19 relief. High debt can lead to increased borrowing costs and economic risks if not managed. However, some economists argue that as long as the economy grows and interest rates remain manageable, the debt is sustainable. Still, long-term fiscal responsibility remains essential.
