The volume of the US national debt has exceeded $38 trillion for the first time in history. This follows from statistical data from the US Treasury. Over the past year, it has increased by approximately $2.18 trillion, according to data from the US Department of the Treasury.
The US national debt first surpassed $37 trillion on August 13, 2025. Before reaching this figure, the department updated the chart showing the dynamics of the US national debt. At that time, the Joint Economic Committee of the US Congress projected that an increase in debt by another $1 trillion would occur around February 2026; however, this happened earlier.
The debt accumulated faster amid a suspension of federal government operations. The Associated Press notes that this is the fastest pace of debt accumulation, excluding the COVID-19 pandemic period.
The US borrows funds to cover a budget deficit that has persisted for more than 20 years. The money shortfall has been compensated for many years by issuing government bonds, that is, borrowing in the market.
The US Government Accountability Office notes that for Americans, the growth of the national debt will lead to higher interest rates on mortgages and auto loans, lower wages for workers, and an increase in prices for goods and services.
It is expected that interest payments on the US national debt will rise from $4 trillion over the last decade to $14 trillion over the next ten years, which will lead to a reduction in government and private spending in key sectors of the economy, CBS News reports, citing the Peterson Foundation.
In May of this year, the rating agency Moody's downgraded the US credit rating from the highest level of Aaa to Aa1, reflecting investor concerns about the growing national debt. Two other major rating agencies, Standard & Poor's and Fitch Ratings, also downgraded the US rating.
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