The U.S. National Debt has grown significantly, surpassing $38 trillion by late 2025, with substantial increases following the 2008 recession and the COVID-19 pandemic. Key figures show a rise from around $28.4 trillion in late 2021 to over $38 trillion by late 2025, driven by increased spending and higher interest costs, reaching about 119% of GDP in mid-2025.
Key Data Points (Total Public Debt Outstanding):
- Late 2025 (Nov/Dec): ~ $38.4 Trillion
- End of FY 2024 (Sept 30): ~$35.46 Trillion
- End of FY 2023 (Sept 30): ~$33.17 Trillion
- End of FY 2022 (Sept 30): ~$30.93 Trillion
- End of FY 2021 (Sept 30): ~$28.43 Trillion
Trends & Drivers:
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The debt increased by roughly $16.8 trillion in the decade leading up to late 2024, with major spikes during the 2008 crisis and COVID-19, notes USAFacts.
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Annual deficits, where spending exceeds revenue, directly add to the national debt, with significant deficits in fiscal years 2024 and 2025.
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In Q2 2025, the debt was about 119% of the Gross Domestic Product (GDP) (the size of the economy).
