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In September 2025, the national debt of the United States had risen to 37.64 trillion U.S. dollars. This reflected an increase of 6.1 percent from 35.46 trillion in 2024. That pushed debt per person in the country well past 100,000 U.S. dollars.

Who holds America’s government debt

Public debt, also known as national or government debt, is what a country’s central government owes. In the United States, it is owed by the federal government to holders of Treasury securities. Japan is the largest foreign holder of U.S. debt, followed by China. What drives that total higher is a mix of policy choices and economic pressures.

Crises leave lasting fiscal consequences

In general, government debt rises when spending exceeds revenues and can be reduced through higher taxes or lower outlays. During major shocks, such as the global financial crisis and the COVID-19 pandemic, the U.S. government increased spending sharply to fund crisis management and economic relief. Such episodes leave a lasting imprint on the debt.

With borrowing still outpacing revenues, the debt is likely to keep rising absent difficult policy choices. The real question is not whether it will grow, but how long markets and policymakers will tolerate the pace.