U.S. National Debt Tops $40 Trillion

The Treasury Department's daily financial reports show that the nation's debt more than doubled its level since 2017.

The U.S. national debt topped $40 trillion.

The new amount represents a fiscal milestone that highlights the federal government’s mounting borrowing and interest costs. The Treasury Department’s daily financial reports show that the nation’s debt more than doubled its level since 2017.

Net interest costs, which approached $1 trillion in 2025 and accounted for nearly 14% of the nation’s spending, are only part of the problem. Several other factors have fueled the debt, with economists holding differing opinions on the primary drivers.

The public holds about 80% of the nation’s debt. Of that, more than two-thirds is held by domestic lenders such as mutual funds and the federal reserve system, while foreign investors hold the rest.