How much debt does the US have?
Data updated October 30, 2024
About $34.3 trillion as of September 2024. The federal government borrows money when its spending and investments cannot be funded by federal revenue alone; this debt enables the government to pay for programs and services when funds aren’t immediately available.
In September 2024
$34.3T
was the total national debt.
In 2023
$102K
in debt was held by the US government per person.
When the federal government spends more money than it brings in through taxes and other revenue sources, a budget deficit occurs. To cover the deficit, it borrows money by selling bonds and other securities. Generally, the federal debt is an accumulation of budget deficits over time.
The federal debt in the most recent month of data, September 2024, was $34.3 trillion. This is 4% higher than in September 2023 and up 27% from 2019, before the COVID-19 pandemic.
In September 2024, total debt owed by the government was $34.3 trillion.
Total monthly federal debt outstanding, adjusted for inflation (2023 dollars)
Dividing the total debt by the population of the US reveals the per-person debt, or the average amount of debt for each person. This makes it easier to compare debt levels between different countries or time periods, since it accounts for changes in population size.
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Per-person debt has increased at an average rate of 5% per year since 2001. As of 2023 — the last year for which there is population data — the federal debt was equivalent to $102K per-person, for a total of $34.0 trillion.
In 2023, total debt owed by the government is equivalent to $102K per person in the US.
Total federal debt outstanding per person, adjusted for inflation (2023 dollars)
Another way to understand a country’s debt is to compare it with its gross domestic product (GDP). GDP, broadly speaking, is a measure of the value of an economy. Analyzing the debt in context of GDP makes it easier to track the debt alongside changes in economy and inflation, allowing for comparisons of the debt over time; it can also indicate a country’s ability to repay its debt. When debt reaches 100% of a nation's GDP, it indicates that the country owes about as much as its economy generates annually.
The nation’s debt as a percentage of GDP first surpassed 100% in Q4 of 2012. It remained relatively stable until Q2 of 2020, when it decreased while spending increased. It reached 133% of GDP by the end of Q3. As of Q2 2024, the debt as a percentage of GDP was 120%.
Debt as a percent of GDP was 120% in Q2 of 2024.
Quarterly federal debt outstanding, as a percent of GDP
The government has to pay interest on its debts, the same way individuals pay interest on credit card bills, mortgages, and car payments. Interest payments aren’t fixed, and change based on the size of the debt and current interest rates.
Interest payments as a share of government spending spiked towards the end of the COVID-19 pandemic as spending slowed and interest rates increased.
From FY 2021 to FY 2022, the share increased 2.4 percentage points to 7.6%. It was followed by another increase from FY 2022 to FY 2023. As of FY 2023, the share is 10.7%.
Debt interest payments made up 10.7% of government spending in FY 2023.
Interest payments on debt, as a percent of government spending
