The national debt of the United States is the total amount of money owed by the U.S. federal government to the holders of treasury bonds. The total U.S. federal debt was approximately $36.56 trillion in March 2025.

*Components of National Debt:*

- *Public Debt*: Represents the amount owed by the government to bondholders, including individuals, corporations, and foreign financial institutions.

- *Intragovernmental Debt*: Represents the amount owed by the government 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 lead 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 decreased revenues.

*Effects of National Debt:*