Overview
- Treasury data show gross national debt at about $38.02 trillion on Oct. 21, roughly $1 trillion higher than in August in the quickest peacetime rise outside the COVID-19 era.
- Fiscal watchdogs say the partial government shutdown is compounding costs and delaying decisions, noting prior closures added billions to federal expenses.
- Net interest on the debt reached about $1.03 trillion in fiscal 2025 for the first time, making it the fastest‑growing category in the federal budget.
- The CBO projects debt held by the public near 100% of GDP in 2025 will reach roughly 120% by 2035 under current policies as sizable deficits continue.
- Treasury reported a $468 billion deficit from April to September, which officials call the lowest since 2019, even as recent downgrades by major ratings firms have left U.S. credit below the top tier.