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Economy

Debt in context

Four plain questions: How much is owed? Is it growing faster than the economy? Why do interest rates matter? How can one country's debt affect others?

1 · How much is owed?

Latest U.S. debt report

Total public debt outstanding

$40.10 trillion

Exact: $40,097,178,119,750.91

Observation date
September 25, 2026 · Updated after each business day
Source
U.S. Treasury, Debt to the Penny

Checking Treasury for a newer figure…

What are the two parts of this number?
Debt held by the public, $32.39 trillion (81%)
Money the government borrowed from outside investors: people, companies, banks, the Federal Reserve, and foreign governments.
Money owed to government accounts, $7.71 trillion (19%)
Money one part of the government owes another, such as the Social Security trust funds. Treasury calls this "intragovernmental holdings."

The two parts add up to the total. This is a once-a-day report, not a live clock.

2 · Is it growing faster than the economy?

Is the debt growing?

Total public debt outstanding, last available day of each month, last 10 years

U.S. total public debt outstanding, 10-year viewTreasury figures for the last available day of each month, from September 30, 2016 to September 25, 2026, in trillions of dollars.$0T$10T$20T$30T$40T$50T2017202020222025Calendar yearTrillions of dollars
Show the numbers as a table
U.S. total public debt outstanding, 10-year view
Calendar yearTrillions of dollarsType
September 30, 2016$19.5734TTreasury observation
October 31, 2016$19.8057TTreasury observation
November 30, 2016$19.9481TTreasury observation
December 30, 2016$19.9768TTreasury observation
January 31, 2017$19.9373TTreasury observation
February 28, 2017$19.9596TTreasury observation
March 31, 2017$19.8464TTreasury observation
April 28, 2017$19.8461TTreasury observation
May 31, 2017$19.8459TTreasury observation
June 30, 2017$19.8446TTreasury observation
July 31, 2017$19.8449TTreasury observation
August 31, 2017$19.8445TTreasury observation
September 29, 2017$20.2449TTreasury observation
October 31, 2017$20.4425TTreasury observation
November 30, 2017$20.5904TTreasury observation
December 29, 2017$20.4927TTreasury observation
January 31, 2018$20.4937TTreasury observation
February 28, 2018$20.8557TTreasury observation
March 30, 2018$21.0896TTreasury observation
April 30, 2018$21.0682TTreasury observation
May 31, 2018$21.1452TTreasury observation
June 29, 2018$21.1951TTreasury observation
July 31, 2018$21.3131TTreasury observation
August 31, 2018$21.4588TTreasury observation
September 28, 2018$21.5161TTreasury observation
October 31, 2018$21.7024TTreasury observation
November 30, 2018$21.8501TTreasury observation
December 31, 2018$21.9741TTreasury observation
January 31, 2019$21.9824TTreasury observation
February 28, 2019$22.1155TTreasury observation
March 29, 2019$22.0279TTreasury observation
April 30, 2019$22.0277TTreasury observation
May 31, 2019$22.0264TTreasury observation
June 28, 2019$22.0233TTreasury observation
July 31, 2019$22.0224TTreasury observation
August 30, 2019$22.4605TTreasury observation
September 30, 2019$22.7194TTreasury observation
October 31, 2019$23.0084TTreasury observation
November 29, 2019$23.0762TTreasury observation
December 31, 2019$23.2014TTreasury observation
January 31, 2020$23.2238TTreasury observation
February 28, 2020$23.41TTreasury observation
March 31, 2020$23.6869TTreasury observation
April 30, 2020$24.9742TTreasury observation
May 29, 2020$25.7463TTreasury observation
June 30, 2020$26.4772TTreasury observation
July 31, 2020$26.525TTreasury observation
August 31, 2020$26.7288TTreasury observation
September 30, 2020$26.9454TTreasury observation
October 30, 2020$27.1355TTreasury observation
November 30, 2020$27.4463TTreasury observation
December 31, 2020$27.7478TTreasury observation
January 29, 2021$27.7846TTreasury observation
February 26, 2021$27.9024TTreasury observation
March 31, 2021$28.1326TTreasury observation
April 30, 2021$28.1747TTreasury observation
May 28, 2021$28.199TTreasury observation
June 30, 2021$28.5294TTreasury observation
July 30, 2021$28.4277TTreasury observation
August 31, 2021$28.4273TTreasury observation
September 30, 2021$28.4289TTreasury observation
October 29, 2021$28.9088TTreasury observation
November 30, 2021$28.908TTreasury observation
December 31, 2021$29.6172TTreasury observation
January 31, 2022$30.0124TTreasury observation
February 28, 2022$30.2904TTreasury observation
March 31, 2022$30.401TTreasury observation
April 29, 2022$30.3742TTreasury observation
May 31, 2022$30.4996TTreasury observation
June 30, 2022$30.5686TTreasury observation
July 29, 2022$30.5951TTreasury observation
August 31, 2022$30.9361TTreasury observation
September 30, 2022$30.9289TTreasury observation
October 31, 2022$31.2383TTreasury observation
November 30, 2022$31.4133TTreasury observation
December 30, 2022$31.4197TTreasury observation
January 31, 2023$31.455TTreasury observation
February 28, 2023$31.4593TTreasury observation
March 31, 2023$31.4584TTreasury observation
April 28, 2023$31.4578TTreasury observation
May 31, 2023$31.4645TTreasury observation
June 30, 2023$32.3323TTreasury observation
July 31, 2023$32.6086TTreasury observation
August 31, 2023$32.9141TTreasury observation
September 29, 2023$33.1673TTreasury observation
October 31, 2023$33.6996TTreasury observation
November 30, 2023$33.8787TTreasury observation
December 29, 2023$34.0015TTreasury observation
January 31, 2024$34.1912TTreasury observation
February 29, 2024$34.4711TTreasury observation
March 29, 2024$34.5865TTreasury observation
April 30, 2024$34.617TTreasury observation
May 31, 2024$34.6671TTreasury observation
June 28, 2024$34.8316TTreasury observation
July 31, 2024$35.1048TTreasury observation
August 30, 2024$35.2561TTreasury observation
September 30, 2024$35.4647TTreasury observation
October 31, 2024$35.9516TTreasury observation
November 29, 2024$36.0874TTreasury observation
December 31, 2024$36.2186TTreasury observation
January 31, 2025$36.2202TTreasury observation
February 28, 2025$36.2189TTreasury observation
March 31, 2025$36.2143TTreasury observation
April 30, 2025$36.2136TTreasury observation
May 30, 2025$36.2158TTreasury observation
June 30, 2025$36.2115TTreasury observation
July 31, 2025$36.917TTreasury observation
August 29, 2025$37.2743TTreasury observation
September 30, 2025$37.6376TTreasury observation
October 31, 2025$38.0401TTreasury observation
November 28, 2025$38.3962TTreasury observation
December 31, 2025$38.514TTreasury observation
January 30, 2026$38.5214TTreasury observation
February 27, 2026$38.7698TTreasury observation
March 31, 2026$39.0654TTreasury observation
April 30, 2026$38.9678TTreasury observation
May 29, 2026$39.2078TTreasury observation
June 30, 2026$39.4624TTreasury observation
July 31, 2026$39.7716TTreasury observation
August 31, 2026$40.1756TTreasury observation
September 25, 2026$40.0972TTreasury observation
What this shows
The total amount owed has kept rising over this period, measured in dollars on the last reported day of each month.
What it does not tell us
It does not adjust for inflation or for the size of the economy, so it cannot say on its own whether the debt is getting harder to carry.

Observations: Treasury records for the last available day of each month through September 25, 2026 (the latest month is not yet complete). Source: Treasury Debt to the Penny.

3 · Looking ahead

What does this mean for the future?

Today's number tells us what is owed. It does not, by itself, tell us whether the debt is manageable. The size of the economy, interest costs, and future choices matter too.

Debt held by the public, percent of GDP: observed 2000–2025 and CBO projection 2026–2036Observed values through fiscal 2025, then CBO's February 2026 baseline projection reaching 120.2 percent in 2036.Projection period0%25%50%75%100%125%FY2000FY2010FY2020FY2030Fiscal yearPercent of GDP
Solid line: Observed (CBO historical data)Dashed line: CBO projection, February 2026
Show the numbers as a table
Debt held by the public, percent of GDP: observed 2000–2025 and CBO projection 2026–2036
Fiscal yearPercent of GDPType
FY200033.7%Observed (CBO historical data)
FY200131.5%Observed (CBO historical data)
FY200232.7%Observed (CBO historical data)
FY200334.7%Observed (CBO historical data)
FY200435.7%Observed (CBO historical data)
FY200535.8%Observed (CBO historical data)
FY200635.4%Observed (CBO historical data)
FY200735.2%Observed (CBO historical data)
FY200839.2%Observed (CBO historical data)
FY200952.1%Observed (CBO historical data)
FY201060.6%Observed (CBO historical data)
FY201165.5%Observed (CBO historical data)
FY201270%Observed (CBO historical data)
FY201371.8%Observed (CBO historical data)
FY201473.3%Observed (CBO historical data)
FY201572.2%Observed (CBO historical data)
FY201676%Observed (CBO historical data)
FY201775.7%Observed (CBO historical data)
FY201877.1%Observed (CBO historical data)
FY201978.9%Observed (CBO historical data)
FY202098.5%Observed (CBO historical data)
FY202196.7%Observed (CBO historical data)
FY202294.9%Observed (CBO historical data)
FY202395.8%Observed (CBO historical data)
FY202497.4%Observed (CBO historical data)
FY202599.4%Observed (CBO historical data)
FY202599.4%CBO projection, February 2026
FY2026100.6%CBO projection, February 2026
FY2027102.1%CBO projection, February 2026
FY2028104.1%CBO projection, February 2026
FY2029105.8%CBO projection, February 2026
FY2030107.7%CBO projection, February 2026
FY2031109.6%CBO projection, February 2026
FY2032111.5%CBO projection, February 2026
FY2033114%CBO projection, February 2026
FY2034116.2%CBO projection, February 2026
FY2035118%CBO projection, February 2026
FY2036120.2%CBO projection, February 2026
How to read a projection

A projection is not a prediction. CBO assumes today's laws stay the same and makes its best guess about growth, inflation and interest rates. New laws, a recession, or different rates would change the path. The shaded area marks the projection years; CBO's baseline data give a single path, not a range, so we do not draw an invented range.

The trade-off. Higher interest costs can leave less room in future budgets for other choices. Borrowing can also pay for things future generations use, such as roads, research or responding to an emergency. Economists disagree about how much debt is too much, and there is no single debt-to-GDP level that is a danger line for every country.

Source: CBO, The Budget and Economic Outlook: 2026 to 2036 (published February 2026) and its supplemental data, via CBO's official data repository.

4 · Why do interest rates matter?

How bonds and interest work

Step 1 of 4.

The government needs to borrow

When it spends more than it collects in taxes in a year, the difference has to be borrowed.

Step 1 diagram: taxes collected are smaller than government spending. The gap has to be borrowed. Schematic only, not to scale.

Follow a $1,000 Treasury note

Illustrative example, not today's Treasury rate.

A hypothetical two-year note, bought at its $1,000 face value, with a 5% coupon. Interest is paid every six months.

  1. Today

    Buyer pays $1,000

    Lends the face value

  2. Month 6

    Buyer receives $25

    Interest

  3. Month 12

    Buyer receives $25

    Interest

  4. Month 18

    Buyer receives $25

    Interest

  5. Month 24

    Buyer receives $1,025

    $25 final interest + $1,000 original amount

Coupon
= the agreed interest rate.
$1,000 x 5% = $50 a year, paid as two $25 payments.
Total received: four $25 interest payments plus the $1,000 back, $1,100 in all. Assumes every payment arrives on time; leaves out fees and taxes. Payment schedule for Treasury notes: TreasuryDirect. Bond basics: Investor.gov, bonds.

When market interest rates go up, new and refinanced borrowing becomes more expensive over time. It does not instantly change the cost of everything already borrowed. Most notes and bonds keep the rate they were sold at until they come due. Some securities, such as floating rate notes and inflation-protected securities, have payments that can change.

When market rates rise

Existing fixed-rate note:

agreed interest stays the same.

New borrowing or refinancing:

interest may cost more.

Higher market ratesleads toLower resale price for an existing fixed-rate bond
Other things equal. Selling before maturity can bring back less than you paid. The promised payments do not change just because the market price changes. Inflation-protected and floating-rate securities change payments under their own terms, which this fixed-rate diagram does not show. Source: Investor.gov, interest rate risk.
Bond
An IOU. You lend money now and get it back later. Most bonds also pay interest along the way.
Interest
The extra money a borrower pays for using someone else's money.
Yield
A rate based on the price paid and the bond's payments. Different yield measures answer different questions; a quoted yield is not a guaranteed return.
Refinance
Paying off an old loan by taking out a new one, often at a different rate.
Learn more: why bond prices move

Most Treasury notes and bonds pay a fixed rate. If new, comparable fixed-rate bonds start paying more, older ones paying less become less attractive, so, other things equal, their market price tends to fall until their yield is closer to the new ones. When rates fall, the reverse tends to happen. The government still owes the same amount at maturity either way. See TreasuryDirect: understanding pricing.

Coupon versus current yield (a separate hypothetical fixed-rate bond)

Face value $1,000; pays $50 interest a year.

Coupon
$50 / $1,000 = 5%
Current yield at a $950 purchase price
$50 / $950 = about 5.26%

Current yield counts annual interest only. It leaves out any gain or loss on the price when the bond is sold or repaid, so it is not yield to maturity. The $950 price is just an example, not the price for any particular rate rise. Source: FINRA, understanding bond yield and return.

5 · How can one country's debt affect others?

Why other countries matter

Follow the money. These are possible pathways, not guaranteed effects. One country's debt does not directly cause another's. Tap one to see an example.

Comparing countries

To compare countries fairly, use one source that measures every country the same way, for the same year. The International Monetary Fund (IMF) publishes such figures for "general government" debt, which includes national, state and local governments. That is a different measure from the U.S. Treasury figure above.

Debt compared with GDP is not a risk score on its own. Interest rates, who holds the debt, and the currency it is borrowed in matter too. You can look up the IMF's figures directly in its DataMapper.

Keep going

Debt, deficit and GDP, explainedDebt-to-GDP calculator

Sources & methods

  • U.S. Treasury, Debt to the Penny: fields record_date, tot_pub_debt_out_amt, debt_held_public_amt, intragov_hold_amt. The site confirms the two parts add to the total to the exact cent. Each site server keeps a saved copy for up to six hours and asks browsers and shared caches to reuse it, so visitors do not contact Treasury directly. Because there can be several servers, Treasury may be checked more often than every six hours. A server normally refreshes after six hours, but during a Treasury outage it may serve its last verified figure for longer; the page then says "Update delayed" and shows that figure's observation date and the time of the last successful check. If a server has no verified figure at all, the page shows a stored figure labelled as a historical snapshot. Charts use the last available day of each month; the latest month may be incomplete.
  • CBO, The Budget and Economic Outlook: 2026 to 2036 (February 2026): historical debt held by the public and net interest as % of GDP (fiscal years), and the 10-year baseline projection. Values copied from CBO's official data repository files dated 2026-02.
  • World pathways draw on the IMF Fiscal Monitor and Global Financial Stability Report (April 2026), linked and described in our own words. This page does not republish IMF data.
  • GDP explanation and revisions: Bureau of Economic Analysis. Bonds: TreasuryDirect.
  • No paid data vendors and no AI-generated figures. Fiscal years run October to September. More on our methods on the Sources page.