Overview
- Treasury data show gross national debt at $39.016 trillion as of March 17, crossing the mark less than five months after first hitting $38 trillion.
- Debt held by the public has surpassed $31 trillion, a gauge economists consider more meaningful than the gross figure that includes intragovernmental IOUs.
- Net interest costs are projected to exceed $1 trillion in fiscal 2026, with $270 billion paid in the first three months already outpacing defense spending for that period.
- The Congressional Budget Office projects annual deficits rising from about $1.9 trillion this year to $3.1 trillion by 2036, with debt held by the public climbing toward roughly 120% of GDP by then.
- New near-term pressures include the U.S.-Israel war with Iran, which a White House economic adviser estimates has cost the U.S. more than $12 billion so far, as watchdogs say debt could reach $40 trillion before the fall elections.