💰 $34.9 trillion

(This includes both public debt and intragovernmental holdings.)

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📊 Breakdown:

• Debt held by the public: ~$28 trillion

• Treasury securities bought by individuals, corporations, foreign governments (e.g., China, Japan), and the Federal Reserve.

• Intragovernmental holdings: ~$6.9 trillion

• Debt the government owes to itself (e.g., Social Security Trust Fund, Medicare).

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📈 Why is the debt growing?

1. Interest payments: Rising interest rates mean higher payments on existing debt.

2. Budget deficits: The government spends more than it collects in taxes.

3. Mandatory spending: Programs like Social Security, Medicare, and defense consume a large share.

4. Pandemic relief and stimulus programs (legacy impact from 2020–2022).

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🇺🇸 Debt-to-GDP Ratio (2025):

• Around 123% of GDP

A level considered high historically. For context:

• Post-WWII peak was ~119% (1946).

• 2007 (pre-crisis): ~62%

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📌 Why does it matter?

• Higher interest payments: Crowds out other spending.

• Investor confidence: Impacts bond yields and dollar strength.

• Inflation risk: If financed by money creation.

• Political pressure: On programs, taxes, and borrowing limits.