U.S. National Debt Exceeds $37 Trillion

As of early July 2025, the U.S. national debt has surpassed $37 trillion, reaching approximately $37.08 trillion.

That translates to a debt-to-GDP ratio of about 123.1%, with the federal budget deficit topping $2 trillion.

Annual interest payments on that debt are now approaching $1 trillion, consuming roughly 25% of federal tax revenue.

Prominent voices like Ray Dalio warn that the U.S. risks entering a “debt spiral”, borrowing more just to service existing debt—a potentially destabilizing path forward.

Bottom Line:

The U.S. recently crossed the $37 trillion mark—an unprecedented milestone that heralds growing fiscal pressure, mounting interest obligations, and heightened warnings from economic experts.