Treasury data showed that the total US public debt stood at $40.047 trillion on Tuesday.
Of that amount, $32.266 trillion represents debt held by the public, while $7.782 trillion consists of intragovernmental debt owed between government agencies.
The US national debt has nearly doubled in less than a decade, rising from $19.95 trillion when Donald Trump began his first presidential term in January 2017.
Nearly half of the increase occurred during the government’s response to the COVID-19 pandemic, when the US spent heavily to cushion the economic impact of the crisis.
Organizations that monitor US government finances have long warned that such high debt levels could create serious economic challenges if lawmakers fail to address the growing gap through measures such as raising revenues or reducing government spending.
Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget, said the $40 trillion figure is more than just a number on government balance sheets because it affects the broader economy and Americans’ daily lives.
“The more we borrow, the more we increase inflationary pressures, squeeze the budget, and leave ourselves more vulnerable when major problems arise,” she said.
Figures show that the national debt increased by about $11.6 trillion during Trump’s two terms, compared with an increase of about $8.4 trillion during Joe Biden’s presidency.
During Trump’s first term, the debt rose by about $7.8 trillion, largely driven by spending to address the economic impact of COVID-19.
Since Trump returned to the White House in January 2025, the US debt has increased by another $3.8 trillion.
The Committee for a Responsible Federal Budget said policies implemented under both Trump and Biden contributed to a higher national debt than would have occurred under existing spending policies.
The committee estimates that Trump’s “One Big Beautiful Bill Act” could add another $4.7 trillion to the national debt.
Although Trump has said his second administration is focused on reducing government spending, critics argue that some of the programmes being cut represent only a small portion of federal spending.
A large share of government expenditure goes toward programmes mandated by law, including Social Security, Medicare and Medicaid, as well as other federal commitments.
Beyond the principal debt, the US must also pay interest on its borrowing.
The cost of servicing the debt has risen sharply. In fiscal year 2025, interest payments exceeded spending on the US military, reaching about $1.1 trillion.
US Treasury Secretary Scott Bessent has expanded a programme to purchase government bonds in an effort to reduce longer-term borrowing costs.
Trump, however, has sought to reassure Americans about the size of the national debt, arguing that the strength of the US economy means borrowing costs should eventually decline.
“I don’t see it as a problem at all. We have a very strong country, and we’re dealing with these unusually high interest rates,” Trump said.
