The US national debt is approximately $36.214 trillion, according to the latest data available for Q1 2025. This figure represents the total public debt outstanding in millions of dollars, not seasonally adjusted, and is based on quarterly data ¹.

*Breaking Down the National Debt:*

- *Debt Held by the Public*: This includes securities issued by the US Treasury, such as Treasury Bills, Notes, Bonds, and Treasury Inflation-Protected Securities (TIPS).

- *Intragovernmental Holdings*: This refers to debt held by other federal agencies, such as the Social Security trust fund.

*Recent Trends:*

- The cumulative fiscal year 2025 deficit reached $1.4 trillion at the end of May 2025, 7% higher than the same time last year after adjusting for timing effects.

- Revenues increased by 6% from last May, while outlays rose by 6%.

- Interest payments on debt held by the public account for 22% of the year-over-year increase in spending ².

*Projections:*

- The Congressional Budget Office (CBO) estimates that the government will run a $1.6 trillion deficit in FY2024, with the debt-to-GDP ratio expected to increase from 99% in FY2024 to 116% in FY2035.

- The Treasury Department may exhaust its extraordinary measures to finance government operations as early as August or September 2025, potentially leading to a debt crisis if the debt limit#USNationalDebt