The US debt ceiling is the threshold Congress sets for federal borrowing.

The US and Denmark are the only two countries known to abide by a predetermined borrowing limit.

The debt ceiling is a legal cap on how much money the US government can borrow.

The federal debt ceiling 101

The debt ceiling periodically takes center stage as Congress debates whether to increase or suspend this self-imposed limit on its borrowing authority. Learn the basics on this crucial feature of US fiscal policy with this Q&A.

When the US hits the debt ceiling, the Treasury uses emergency measures to avoid default

After the US reached its debt ceiling in January 2023, the Treasury deployed "extraordinary measures" to keep paying obligations. This article explains the steps, how they work, and why they last only for a limited time. (Some readers may experience a paywall.)

The national debt is the total amount the US government owes its creditors

This US Treasury page explains what the national debt is, how it accumulates from annual deficits, and why rising debt can affect interest costs, fiscal flexibility, and long-term economic stability.

If the US government paid off its debt, it could disrupt the entire bond market, as Treasury bonds are among the most common bonds for investors and the majority of the national debt is in bonds.

For everyday Americans, a relatively high national debt can lead to higher interest rates on financial products such as mortgages.

In 2025, the US credit rating was downgraded over concerns about the debt-to-GDP ratio.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

Some argue that the rising US national debt has become more important in recent months.

What happens if the US doesn't pay its debt?

A video created during the debt ceiling debates of 2021 outlining what would happen if the US failed to meet its debt obligations. Its lessons are applicable to today's debates.

About 80% of US debt is held by domestic and foreign investors.

Explore a database that shows how the US national debt changes over a 24-hour period.

The national debt is growing at a faster rate than the economy.

The US national debt is over $31T

The US national debt is at its highest level ever. Learn how the national debt grew to that level and what it means for US economic growth with charts and simple explanations.

Nearly 70% of the US government’s debt is domestic

This includes intragovernmental holdings like the Social Security Trust Fund and investments from US citizens, banks, and mutual funds. About 30% is foreign-held, with countries like Japan and China as major creditors, investing in US Treasury securities due to their perceived safety.

Some economists argue that the national debt is not a critical concern.

See a chart showing how much the US federal government pays in interest on its debt.

The federal deficit is the gap between what the US spends and what it collects.

Tax policy can have a direct impact on the national debt, with past presidents' changes to tax codes inflating the deficit.

Treasury bonds, notes, and bills are critical vehicles for the federal government to raise money for public expenses and manage the national debt.

America’s looming debt spiral

The United States has a debt problem. In 1989, the national debt was almost $3T. As of 2023, that number had ballooned to more than $30T. This video explains why the national debt grew so quickly, and what America's options are going forward. It also explores why the problem is trapped in political gridlock. Watch it to find out more.

Investors collectively owned $28T in US Treasury securities as of 2025.

Minting a coin that can pay off the federal debt has been proposed as a quick fix to rampant borrowing.

Why Ray Dalio thinks the US deficit is a political problem

Dalio frequently argues that debt cycles are inevitable and a tradition of every empire. However, he said in 2025 that the US was headed for a debt crisis. Dalio says that while Republicans and Democrats agree on the math of the debt crisis, all politicians make promises to neither increase taxes nor cut government benefits—which Dalio says can't close the deficit.

In 2025, the US national debt per person was $113K.

The national debt consists of public debt and intragovernmental debt.

The current federal budget, deficit, and debt, in charts

The US Treasury regularly publishes updated data on the federal budget, and this site hosts visualizations of that data. See reports on spending, revenues, deficits, and where the national debt stands.

A 'debt trap' refers to the need for loans or credit to cover the expenses incurred from other debt

Debt traps can be caused by unforeseen expenses or inadequate savings and can be a brutal cycle to break. At the end of 2025, total household debt in the US reached $18.8T, according to data from the Federal Reserve of New York.

The federal government has spent more money annually than it has collected every year since 2022.

Key moments that shaped the national debt include the Civil War, both World Wars, the 2008 recession, and the COVID-19 pandemic.

Total national debt as of yesterday

Debt to the Penny is the total debt of the U.S. government and is reported daily. It is made up of intragovernmental holdings and debt held by the public.

Many local governments also struggle to rein in their spending.

Why Americans are drowning in credit card debt

Americans owe more than $1T to credit card companies. And with rising interest rates that prevent cardholders from paying down debt (not to mention the rising cost of living), that number is likely to keep growing. A podcast episode explains how the US got here, and what policymakers and individuals can do about it.

The trillion-dollar coin is a proposed platinum coin with a face value of $1T, which could be used to reduce the national debt

This conceptual strategy was first proposed in 2011 as a potential alternative to raising the US debt ceiling. Although there were several high-profile proponents of the idea, it was eventually rejected in 2013 by Treasury Department and Federal Reserve officials.

See the growth of US consumer debt

Americans reached an all-time high debt burden in 2024. Data compiled from The Kaplan Group shows the evolution of auto loans, mortgages, credit card debt, and student loans from 2003 to 2023, and finds that after a brief decline after 2008, the total debt burden grew rapidly.

Credit cards were the fourth-highest source of US consumer debt as of 2024

US consumer debt nationwide totaled $17.9T as of 2024 Q3. Mortgage debt ranked as number one, with student loan debt coming in at number two.

Vizualize global debt by country

Global debt reached $226T by the end of 2020—the biggest one-year jump since World War II. This graphic compares the debt-to-GDP ratio of various countries.

A history of every US government shutdown

There have been 21 shutdowns of the federal government in US history, a result of Congress's failure to pass appropriations bills in time. While the cause of most of the shutdowns stems from issues around the national debt and budget, a few originated in fights over unrelated policies. Dive into the history of each one with this comprehensive list.

Despite being one of the world's richest nations, Switzerland has the highest household debt of any country in the world, totaling 125% of its GDP.

The bond market is where bonds and other debt securities are traded

Bonds are fixed-income investments allowing individuals to lend a specific amount of money to a large entity, like a government or corporation, for a set amount of time in return for interest paid out over the life of the loan. The bond market is widely considered a key economic barometer.

No institution wields more power in US finance than the Federal Reserve, the central bank of the US—but opinion polls indicate that most Americans don't know what it does.

What are Treasury yields?

Treasury yields are the interest rates that the US government pays to borrow money for different lengths of time. Specifically, Treasury yields are interest rates on US government debt. They reflect economic outlooks and inflation expectations. Learn more about Treasury yields here.

The average US household carries $105,056 in total debt

This article breaks down the average household debt by category, including credit card debt ($6,523), personal loans ($11,274), and more.

Does Social Security contribute to the national debt?

Social Security operates through a trust fund built from payroll taxes. When costs outpace revenue, as they have since 2021, the program redeems Treasury bonds to cover the gap. To repay these bonds, the government often borrows more money, indirectly adding to the national debt and impacting fiscal policy.

The Constitution gives Congress sweeping control over the federal budget

Article I, Section 8's Spending Clause authorizes Congress to tax, pay debts, and promote the "common Defence and general Welfare," making it one of Congress's most powerful tools—and the constitutional foundation of federal budget control.

The US government is legally allowed to borrow money from the Social Security Trust Fund surpluses as long as it issues Treasury bonds to the Trust Fund in return and repays those bonds with interest when Social Security needs the money to pay benefits.

Roughly 43 million Americans hold a cumulative $1.6T in federal student debt

About 43 million Americans hold a cumulative $1.6T in federal student debt. That's more than the country's combined credit card balance, according to data from in the first quarter of the year 2024.

Why countries have credit ratings

Sovereign credit ratings work like national credit scores, measuring a country’s ability and willingness to repay its debt. Moody’s, S&P, and Fitch are the major agencies assigning these ratings, which influence borrowing costs and investor confidence.

The House of Representatives controls the $7T federal budget

The House holds the exclusive "power of the purse" to initiate revenue bills, a provision in the US Constitution designed to divide power with the Senate and give states with larger populations greater influence over federal budgeting.