US national debt hits a new record: $36 trillion
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The U.S. national debt surpassed $36 trillion for the first time in the nation's history on Friday as the federal government continues to accumulate debt at a record-setting pace.
New data from the Treasury Department released Friday afternoon showed that the gross national debt hit $36,034,994,586,981.97.
The $36 trillion debt milestone comes just months after the U.S. eclipsed the $35 trillion mark in late July 2024. The national debt has passed other trillion-dollar milestones in the past year, as the $34 trillion mark was reached in early January 2024 and the $33 trillion threshold in September 2023. By comparison, the national debt hovered around $907 billion just four decades ago.
The U.S. topping $36 trillion in total debt comes as the debt held by the public – a metric favored by economists that excludes debt held in intragovernmental accounts like the Social Security trust funds – is projected to reach 99% of the size of the U.S. gross domestic product this year.
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The U.S. national debt surpassed $36 trillion for the first time ever, just months after crossing the $35 trillion milestone. (FOX Business / Fox News)
«While $36 trillion in gross debt is certainly sobering, what’s even more concerning is the underlying fiscal challenges we face and the lack of seriousness with which our elected leaders are addressing them,» Maya MacGuineas, president of the Committee for a Responsible Federal Budget (CRFB), told FOX Business.
«The national debt is on course to reach a new record share of the economy
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