US government debt is on track to surpass $50 trillion by 2033

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The US government's debt is on track to surpass $50 trillion by 2033, Bank of America said in a Tuesday note, citing data from the Congressional Budget Office.

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Published by

08 Nov 2023

US public debt outstanding currently sits at $33.6 trillion and is expected to surge by $20 trillion to $54 trillion within the next decade amid «fiscal excess in the 2020s,» Bank of America investment strategist Michael Hartnett said.

«US public debt is… more than the combined GDPs of China, Japan, Germany, and India,» he wrote, adding that the outstanding debt is set to surge by $5.2 billion every single day, or $218 million every hour, for the next 10 years.

The surge in debt has coincided with an explosion in the federal deficit, which jumped by $320 billion to $1.7 trillion in 2023. That's forced the Treasury Department to auction trillions of dollars of fresh bonds.

Adding to the burden is the surge in annual interest payments caused by spiking bond yields. Those payments are taking up a bigger slice of the federal budget and widening deficits. Estimated annualized debt