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

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

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

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

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

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

Many local governments also struggle to rein in their spending.

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.

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.

Use this calculator to find out the programs and services your federal income taxes fund.

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See which states contribute the most and least to the federal government.

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.

Individual income taxes are the federal government's primary revenue source, see a tracker that breaks down where the rest of the budget comes from

The US government historically makes nearly half of its total revenue last year from individual income taxes. But the US makes also makes money from a variety of other sources, including Medicare taxes and corporate income taxes. However, the federal government has run a deficit since 2001—reaching a peak of $3.13T in 2020.

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.

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

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

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.

Nearly half of the discretionary funding in the US is allocated to national defense.

About one dollar in every six that are owed to the federal government aren't paid each year

That adds up to close to $1T in what's known as the "tax gap." Read a breakdown on the main drivers of tax evasion (distinct from legal tax avoidance) in the US.

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

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.

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

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.

Visualize government spending with USAFacts to see complex federal budget data as clear charts and summaries, and explore where the money goes as well as how revenue, deficits, and debt change over time.

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

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

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.

The federal government sent roughly $1.1T to state and local governments in 2024

Federal grants support a large portion of state and local budgets, funding Medicaid, infrastructure, education, and housing. In FY 2024, these transfers made up about 16% of total federal spending.

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

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.

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

Roughly 22% of US tax dollars go to Social Security

Social security is the US government’s largest expense. You can see other government expenses in a visual breakdown of what one US tax dollar actually pays for. Total spending amounts were converted to cents on the dollar and percentages.

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

In 2020, government entities spent $316.5B on infrastructure, with state and local governments accounting for 34.8% of that amount.

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.

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

The national debt consists of public debt and intragovernmental debt.

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.

US public K-12 spending topped $857B in 2024

Public K-12 schools spent around $857B in 2024, averaging $17,277 per student. State and local sources shouldered nearly 90% of costs, and federal funds provided about $2,400 per pupil.

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

The federal budget process begins nearly a year before funds are spent

Creating the federal budget starts months in advance. This resource explains each stage, showing how the president proposes priorities, Congress reshapes and approves funding, and federal agencies implement the final budget.

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.

One in seven US tax dollars is collected by local governments

Local governments collect about $886B each year to support education, infrastructure, and public health. Roughly three-quarters of this funding comes from property taxes, with the rest sourced from sales, excise, and income taxes.

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.

An analysis of the National Science Foundation's historical budget and spending

The NSF accounted for 0.1% of all federal spending in FY2024, with $9.39B—just over twice its FY1991 spending—out of $6.78T overall. Almost 99% of these funds ($9.29B) went to general science and basic research, with the rest allocated to national defense.

More than half of student loan borrowers owed less than $25K in federally managed student debt as of 2024.

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.

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.

Federal spending falls into 2 categories: mandatory and discretionary

Federal spending is split between mandatory programs, funded automatically by law, and discretionary programs, funded through annual appropriations. This video breaks down which major programs fall into each category and why the distinction matters.

Track how much the US government has spent on bailouts.

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.