U.S. Department of the Treasury official reports

U.S. National Debt Hits $36 Trillion as October Deficit Soars Nearly 300%

Nov 15, 2024, 01:36 PM

The United States national debt has surpassed $36 trillion for the first time in history, marking a significant milestone in federal borrowing. This increase reflects a sharp rise from approximately $34 trillion at the beginning of the year and amounts to an $8.2 trillion increase since President Joe Biden took office—nearly a 25% surge in four years. Notably, it took the U.S. government 220 years to accumulate the first $11 trillion in debt, a figure that has now been added in just the past four years, equivalent to 40% of the nation's GDP. In October 2024 alone, the federal budget deficit reached $257.5 billion, nearly quadruple the $64.3 billion deficit recorded in October 2023, marking a year-over-year increase of almost 300% and representing the second-highest monthly deficit in U.S. history. This deficit was inflated by one-off factors, according to the Treasury Department. The federal government collected $327 billion in revenue but spent $584 billion in October, resulting in a shortfall of $257 billion. The federal debt increased by $487 billion in just one month. Fiscal projections indicate that interest expenses on the national debt are expected to reach $1.2 trillion in Fiscal Year 2025, approximately $100 billion more than in FY 2024. With the national debt rising at this pace, it could reach $40 trillion by June 2025. The rapid acceleration of debt accumulation raises concerns about fiscal sustainability and prompts calls for spending reforms to address the burgeoning deficit.