What the US national debt measures
Here you see the Treasury Department’s figure for total public debt outstanding on the last day of every quarter, converted to trillions of dollars. It combines debt held by the public – Treasury bills, notes, bonds and savings bonds owned by investors, the Federal Reserve and foreign governments – and intragovernmental holdings, mainly the Social Security and other federal trust funds.
How to read this chart
The debt rises whenever the government spends more than it collects, which has been most years since 1970. The curve steepens in recessions, when tax revenue falls and spending rises, and in wars and emergencies – the 2008–2009 crisis and the 2020 pandemic stand out. Flat stretches are rare; the late-1990s surpluses only slowed the growth of total debt.
The latest reading in context
- At $39.46T, the latest reading is above its 5-year average of $34.03T and above its 10-year average of $28.43T.
- That is higher than 100% of all quarterly readings since Q1 1966 – near the top of its historical range.
- Direction: up 1.0% over the past quarter; up 2.5% over the past six months; up 9.0% over the past year.
- The highest value on record is $39.46T (Q2 2026, this year); the lowest is $0.32T (Q2 1966, 60 years ago).
- The full history spans 8 US recessions, shaded grey on the chart.
Why it matters
Debt has to be refinanced and serviced. With interest rates higher than in the 2010s, federal interest costs have risen sharply and now compete with other priorities in the budget. The size of the debt relative to the economy, rather than the dollar amount, is what economists use to judge sustainability, and the statutory debt limit forces periodic political standoffs.
What moves the US national debt
- Annual budget deficits
- Economic growth, which drives tax revenue
- Interest rates on Treasury debt
- Trust fund surpluses or drawdowns, which move intragovernmental holdings
Key moments in its history
- 1981Passed $1 trillion.
- 2008Passed $10 trillion during the financial crisis.
- 2020Rose by more than $4 trillion in one year with pandemic relief.
- 2024Passed $35 trillion.
US National Debt data tables
Average by decade
| Decade | Average | High | Low |
|---|---|---|---|
| 2020s (so far) | $32.37T | $39.46T | $23.22T |
| 2010s | $18.06T | $23.20T | $12.77T |
| 2000s | $7.88T | $12.31T | $5.66T |
| 1990s | $4.67T | $5.78T | $3.05T |
| 1980s | $1.76T | $2.95T | $0.86T |
| 1970s | $0.56T | $0.85T | $0.37T |
| 1960s | $0.34T | $0.37T | $0.32T |
Last 12 quarters
| Period | Value | Change |
|---|---|---|
| Q2 2026 | $39.46T | +1.0% |
| Q1 2026 | $39.07T | +1.4% |
| Q4 2025 | $38.51T | +2.3% |
| Q3 2025 | $37.64T | +3.9% |
| Q2 2025 | $36.21T | −0.0% |
| Q1 2025 | $36.21T | −0.0% |
| Q4 2024 | $36.22T | +2.1% |
| Q3 2024 | $35.46T | +1.8% |
| Q2 2024 | $34.83T | +0.7% |
| Q1 2024 | $34.59T | +1.7% |
| Q4 2023 | $34.00T | +2.5% |
| Q3 2023 | $33.17T | +2.6% |
Quarterly values. Decade figures are averages of the quarterly values in each decade. The complete history is available as a CSV file.
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US National Debt: questions and answers
What is the difference between total public debt and debt held by the public?
Debt held by the public is owed to outside investors, including the Federal Reserve and foreign governments. Total public debt also includes debt one part of the government owes another, such as Social Security trust fund holdings.
Who owns the US national debt?
US investors and institutions, the Federal Reserve, foreign governments and investors (Japan and China are the largest), and federal trust funds.
What is the debt ceiling?
A legal limit on total federal borrowing set by Congress. It does not authorize new spending; it allows the Treasury to pay for spending and tax decisions Congress has already made.
What is Debt to the Penny?
A daily report from the Treasury’s Bureau of the Fiscal Service showing total public debt outstanding as of the previous business day. The chart uses quarter-end figures for its long history; the daily figure in the label and the introduction shows the newest total.
Where does the data on this chart come from?
From the U.S. Department of the Treasury. ChartWidgets downloads the series (GFDEBTN) from FRED, the Federal Reserve Bank of St. Louis database, and checks for new releases every day. The last update was on November 4, 2026.