The U.S. national debt surpassed $37 trillion for the first time in the nation’s history on Friday as the federal government continues to accumulate debt at a record-setting pace.
New data from the Treasury Department released showed that the gross national debt hit $37,004,817,625,842.56 on Tuesday afternoon.
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The $37 trillion debt milestone comes less than eight months after the nation hit the $36 trillion threshold for the first time in late November 2024, and a little over one year after the $35 trillion mark was reached in late July 2024.
The U.S. topping $37 trillion in total debt comes as the total debt held by the public – a metric favored by economists that excludes debt held in intragovernmental accounts like the Social Security trust funds – is projected to reach 99% of the size of the U.S. gross domestic product (GDP) this year.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB) reacted, telling Fox Business, “Reaching this milestone is a moment no one in Washington can be proud of – our fiscal situation is woefully unbalanced, yet Congress keeps on making the situation worse. Even when measuring debt as a share of the economy, we’re headed toward record levels and on course to spend $1 trillion just on interest costs. We will need to act quickly to face the reality of our unsustainable debt, before a fiscal emergency forces our hand.”
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Michael A. Peterson, CEO of the Peter G. Robinson Foundation, told Fox Business, “The national debt soaring past $37 trillion sends yet another clear message about America’s unsustainable fiscal path. Our national debt is now greater than the economies of the entire Eurozone and China, combined.”
Peterson continued, “Despite today’s unfortunate milestone, it’s not too late to act. We should reform our budget before the damage is made even worse. Policymakers have many well-known options to stabilize our debt and put us on a stronger path for the next generation.”
This is a developing story. Please check back for updates.
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