What the data shows
- The national debt stands at about ≈$39.22T (as of 2026-06-11).
- About 81% is held by the public (investors, foreign governments, the Fed); the rest is intragovernmental (trust funds).
- Since FY2010 it has grown roughly 189%.
- Gross interest on the debt reached about ≈$1.22T in FY2025 — now among the largest federal expenses.
- In FY2025, the government took in ≈$5.23T and spent ≈$7.01T, a deficit of ≈$1.78T that adds to the debt.
- Debt is about 122.4% of GDP (FY2025; debt at fiscal year-end over nominal GDP).
- The largest foreign holder of U.S. Treasuries is Japan (≈$1.19T, Dec 2025).
- The average interest rate on the debt is about 3.35% — as it rises on a record debt, interest expense (≈$1.22T) climbs with it.
Budget balance (FY2025)
Fiscal-year (Oct–Sep) receipts and outlays and the gap (deficit). Source: U.S. Treasury Monthly Treasury Statement.
How to read this
The national debt is the total the federal government owes. It splits into "debt held by the public" (Treasury securities held by investors, foreign governments, the Fed, etc.) and "intragovernmental holdings" (amounts one part of the government owes another, such as the Social Security trust funds). The debt is a cumulative stock; the annual deficit is the yearly flow that adds to it. A rising debt is not automatically a crisis, but the cost of servicing it (interest) grows with both the debt and interest rates.
Yearly trend (fiscal year-end)
| Fiscal year | Total debt | YoY | Debt/GDP | Interest | Deficit |
|---|---|---|---|---|---|
| FY2025 | ≈$37.64T | +6.1% | 122.4% | ≈$1.22T | ≈$1.78T |
| FY2024 | ≈$35.46T | +6.9% | 121% | ≈$1.13T | ≈$1.7T |
| FY2023 | ≈$33.17T | +7.2% | 119.3% | ≈$882.6B | ≈$1.38T |
| FY2022 | ≈$30.93T | +8.8% | 118.7% | ≈$718.75B | ≈$2.78T |
| FY2021 | ≈$28.43T | +5.5% | 119.8% | ≈$562.39B | ≈$3.13T |
| FY2020 | ≈$26.95T | +18.6% | 126.1% | ≈$522.77B | ≈$3.13T |
| FY2019 | ≈$22.72T | +5.6% | 105.5% | ≈$574.59B | ≈$779B |
| FY2018 | ≈$21.52T | +6.3% | 104.2% | ≈$523.02B | ≈$779B |
| FY2017 | ≈$20.24T | +3.4% | 103.2% | ≈$458.54B | ≈$665.71B |
| FY2016 | ≈$19.57T | +7.8% | 104.1% | ≈$432.65B | ≈$587.41B |
| FY2015 | ≈$18.15T | +1.8% | 99.2% | ≈$402.44B | ≈$438.9B |
| FY2014 | ≈$17.82T | +6.5% | 101.2% | ≈$430.81B | — |
| FY2013 | ≈$16.74T | +4.2% | 99.2% | ≈$415.69B | — |
| FY2012 | ≈$16.07T | +8.6% | 98.8% | ≈$359.8B | — |
| FY2011 | ≈$14.79T | +9.1% | 94.8% | ≈$454.39B | — |
| FY2010 | ≈$13.56T | — | 90.1% | ≈$413.95B | — |
Debt is the fiscal year-end (Sept 30) balance. Interest is the full-year total; deficit is receipts minus outlays. Debt-to-GDP is fiscal year-end debt over nominal GDP (FRED), approximate. "—" marks years without data.
Top foreign holders of U.S. Treasuries （Dec 2025）
Holdings of U.S. Treasury securities by country (central banks, governments, and investors), monthly, top 20. Source: U.S. Treasury TIC (international capital) data. Month-over-month vs Nov 2025.
| Country / region | Holdings | MoM | 12-month trend （Jan 2025 → Dec 2025） | |
|---|---|---|---|---|
| 1 | Japan | ≈$1.19T | -1.4% | |
| 2 | United Kingdom | ≈$863.1B | -1.9% | |
| 3 | China, Mainland | ≈$683.5B | -0.1% | |
| 4 | Belgium | ≈$477.3B | -0.8% | |
| 5 | Canada | ≈$468.2B | -0.9% | |
| 6 | Luxembourg | ≈$434.2B | +2.2% | |
| 7 | Cayman Islands | ≈$421.2B | -1.5% | |
| 8 | France | ≈$368.9B | -1.9% | |
| 9 | Ireland | ≈$340.7B | +0.1% | |
| 10 | Taiwan | ≈$310.6B | -0.7% | |
| 11 | Switzerland | ≈$294.1B | -2.1% | |
| 12 | Singapore | ≈$278.4B | +2.3% | |
| 13 | Hong Kong | ≈$267.8B | +4.4% | |
| 14 | Norway | ≈$208.1B | -4.9% | |
| 15 | India | ≈$182.9B | -1.9% | |
| 16 | Brazil | ≈$168.7B | +0.3% | |
| 17 | Saudi Arabia | ≈$149.5B | +0.5% | |
| 18 | Korea, South | ≈$140.6B | -3.1% | |
| 19 | Israel | ≈$105.7B | -2% | |
| 20 | Germany | ≈$103.1B | -5.5% |
Average interest rate on the debt （2026-05-31）
| Security type | Avg. rate |
|---|---|
| Treasury Bills | 3.69% |
| Treasury Notes | 3.248% |
| Treasury Bonds | 3.413% |
| Treasury Inflation-Protected Securities (TIPS) | 1.079% |
| Total Marketable | 3.386% |
| Total Non-marketable | 3.201% |
From the U.S. Treasury "Average Interest Rates on U.S. Treasury Securities." As the average rate rises on a record debt, interest expense climbs sharply. TIPS show a low coupon because it is before inflation adjustment.
FAQ
Debt vs. deficit — what is the difference?
What is "intragovernmental" debt?
What is the source?
Sources (primary)
Source: U.S. Department of the Treasury, Fiscal Data (Debt to the Penny / Historical Debt Outstanding). This site is not an official U.S. government source.