Congressional Budget Office and US Bureau of Economic Analysis reports

US National Debt Tops $36 Trillion, Exceeds 120% of GDP

Nov 22, 2024, 09:29 PM

The United States national debt has surpassed $36 trillion, reaching a new all-time high, according to government data. This milestone was achieved after the Treasury borrowed $61 billion in a single day, reflecting concerns about the nation's rapidly increasing debt. On a per-capita basis, the debt now represents over $100,000 for every American. The national debt-to-GDP ratio has exceeded 120%, and the Congressional Budget Office estimates it will reach 131% by 2034. Since the start of the year, total U.S. debt has increased by $2 trillion, averaging an addition of $6.3 billion per day. Interest payments on the federal debt have also reached record levels, hitting $1.12 trillion in the third quarter of 2024—the highest in 31 years and double the amount from three years ago. These interest payments now account for nearly 20% of federal revenues. The mounting debt comes amid a surge in government borrowing and rising interest rates, with the federal budget deficit for October hitting $257.5 billion, up nearly 400% year-over-year and marking the second-highest deficit for the month in U.S. history.