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

*Components of the 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 spending can lead to an increase in national debt.

- *Taxes*: Insufficient taxes can 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 reduced revenues.

*Effects of national debt:*

- *Increased interest costs*: Rising national debt can lead to increased interest costs, which may impact government spending and the economy.

- *Impact on credit rating*: Rising national debt can lead to a downgrade in the United States' credit rating, which may increase borrowing costs.

- *Impact on the economy*: Rising national debt can lead to negative effects on the economy, such as inflation and reduced investment.