The U.S. national debt is the total amount of money the federal government owes to creditors, including both domestic and foreign investors. It grows when the government spends more than it collects in taxes, leading to budget deficits. As of 2024, the national debt has exceeded $34 trillion, representing a significant portion of the nation’s economic output. The debt is financed by issuing Treasury bonds, notes, and bills, making it a cornerstone of global financial markets. Its size has sparked debates about fiscal sustainability, interest payments, and its long‑term impact on the U.S. economy and future generations.