As of mid-2025, the U.S. national debt exceeds $34.5 trillion, making it the largest government debt in the world in absolute terms. This debt represents the total amount the federal government owes to creditors, including individuals, businesses, foreign governments, and internal programs like Social Security.

Key Facts:

Types of Debt:

1. Publicly held debt – owned by investors, including foreign governments.

2. Intragovernmental holdings – money the government owes to itself (e.g., trust funds).

Debt-to-GDP ratio: This metric compares national debt to the country's total economic output. The U.S. ratio is over 120%, a historically high level, indicating more debt than GDP.