The national debt of the United States is the total amount of money that the U.S. federal government owes to Treasury bondholders. The total U.S. federal debt was approximately 36.56 trillion dollars in March 2025.

*Components of the national debt:*

- *Public debt*: Represents the amount that the government owes to bondholders, including individuals, corporations, and foreign financial institutions.

- *Intragovernmental debt*: Represents the amount that the government owes to its internal accounts, such as the Social Security Trust Fund.

*Reasons for the growth of national debt:*

- *Government spending*: Increased government spending can lead to an increase in national debt.

- *Taxes*: Insufficient taxes contribute to an increase in national debt.

- *Economic crises*: Economic crises, such as the COVID-19 pandemic, can lead to an increase in national debt due to increased government spending and reduced revenues.

*Effects of national debt:*