In 2023, the U.S. government had a budget deficit of 1.69 trillion U.S. dollars. This is compared to 2000, when the government had a budget surplus of 0.24 trillion U.S. dollars.

U.S. Government budget

The government budget is a financial statement that demonstrates the government’s suggested revenues and spending for the financial year. Budget surpluses occur when income exceeds expenditures. Budget deficits occur when spending exceeds income. The budget balance of the U.S. government has fluctuated since 2016, and is expected to decrease slightly by 2026.

Military spending

Defense outlays in the United States amounted to 714 billion U.S. dollars in 2020. It is expected to continue to increase over the next several years. The United States currently has the largest defense budget in the world, and is the largest employer in the world. The military budget funds the Army, Marine Corps, Navy, and Air Force. The amount of funding that goes towards the Department of Defense is heavily criticized by Democrats in the United States, because they believe that the funding should be more evenly distributed towards other social welfare programs such as public health insurance and education.

In 2022, the federal state of California had about 558.68 billion U.S. dollars of debt outstanding, the most out of any state. New York, Texas, Illinois, and Florida rounded out the top five states with the most debt outstanding in 2022.

The United States recorded a Government Debt to GDP of 122.30 percent of the country's Gross Domestic Product in 2023. This dataset provides - United States Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2021, the federal state of New York had debt of around 19,318 U.S. dollars per capita, the most out of any state in the U.S. While not a state, the District of Columbia had an even higher per capita debt, at 29,756 U.S. dollars. The total debt accrued by the U.S. annually can be accessed here, and outstanding debt by state here.

United States Federal Government Surplus or Deficit: Off Budget data was reported at -12.284 USD bn in Oct 2018. This records a decrease from the previous number of 18.020 USD bn for Sep 2018. United States Federal Government Surplus or Deficit: Off Budget data is updated monthly, averaging 2.780 USD bn from Oct 1984 (Median) to Oct 2018, with 409 observations. The data reached an all-time high of 63.168 USD bn in Jun 2008 and a record low of -38.457 USD bn in Aug 2012. United States Federal Government Surplus or Deficit: Off Budget data remains active status in CEIC and is reported by Bureau of the Fiscal Service. The data is categorized under Global Database’s United States – Table US.F001: Federal Government Receipts & Outlays.

In September 2023, the national debt of the United States had risen up to 33.17 trillion U.S. dollars. The national debt per capita had risen to 85,552 U.S. dollars in 2021. As represented by the statistic above, the public debt of the United States has been continuously rising.

U.S. public debt Public debt, also known as national and governmental debt, is the debt owed by a nations’ central government. In the case of the U.S., national debt is owed by the federal government to Treasury security holders. Generally speaking, government debt increases with government spending, and can be decreased through taxes. During the COVID-19 pandemic, the U.S. government increased spending significantly to finance virus infrastructure, aid, and various forms of economic relief.

International public debt

Venezuela leads the global ranking of the 20 countries with the highest public debt in 2021. In relation to the Gross Domestic Product (GDP), Venezuela's public debt amounted to around 306.95 percent of GDP. Eritrea was ranked fifth, with an estimated debt of 170 percent of the Gross Domestic Product.

The national debt of the United Kingdom is forecasted to grow from 87 percent in 2022 to 70 percent in 2027, in relation to the Gross Domestic Product. These figures include England, Wales, Scotland as well as Northern Ireland.

Greece had the highest national debt among EU countries as of the 4th quarter of 2020 in relation to the Gross Domestic Product. Germany ranked 13th in the EU, with its national debt amounting to 69 percent of GDP in the same time period.

Tuvalu was one of the 20 countries with the lowest national debt in 2021 in relation to the GDP, while Macao had an estimated level of national debt of zero percent, the lowest of any country. The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance.

United States CBO Projection: Federal Debt Held by Public: Change: Deficit data was reported at 1,526.045 USD bn in 2028. This records an increase from the previous number of 1,315.833 USD bn for 2027. United States CBO Projection: Federal Debt Held by Public: Change: Deficit data is updated yearly, averaging 1,156.705 USD bn from Sep 2009 (Median) to 2028, with 20 observations. The data reached an all-time high of 1,526.045 USD bn in 2028 and a record low of 425.812 USD bn in 2015. United States CBO Projection: Federal Debt Held by Public: Change: Deficit data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s USA – Table US.F006: Federal Debt: Projection: Congressional Budget Office.

In the fiscal year of 2021, total state and local government debt in the state of New York amounted to 20.07 percent of the annual Gross Domestic Product of the state. In Kentucky, this figure amounted to 22.78 percent of the state's annual GDP, the highest of any state.

The national debt of the United Stated can be found here.

This graph shows the state debt per capita in the United States for the 2013 fiscal year. In 2013, the state of Alabama had a total per capita debt of 14,173 U.S. dollars. Average state debt per capita amounted to 16,178 U.S. dollars.

The national debt of the United Stated can be found here. State debt National debts, also known as public debt and government debt, are the amount of money borrowed by states to cover their budget deficits. Nearly all governments use the debt method to finance operations and projects. Government debt can be seen as an indirect debt on taxpayers.

The public debt of the United States has been rising steadily for the last decades from 3,233.31 billion U.S. dollars in 1990 to 17,156.12 billion U.S dollars in 2013.

Although the United States’ debt is significantly high, the country with the highest public debt in 2014, in relation to the gross domestic product (GDP), was Japan. Japan had an estimated debt of about 246.16 percent in relation to the gross domestic product, according to IMF data. Nigeria was among the countries with the lowest national debt in 2014 in relation to the gross domestic product (GDP), with an estimated level of national debt reached about 15.91 percent of the GDP.

Much of the U.S. public debt is held by foreign investors, debt holders like nations or institutions which lent money to the United States. About 47 percent of the U.S. public debt is hold by foreign investors, while the Federal Reserve Bank holds 10 percent of the U.S public debt. As of August 2014, China and Japan are the major foreign holders of U.S. treasury debt. According to the Federal Reserve and U.S. Department of the Treasury, China held 1,270.9 billion U.S. dollars, while Japan held 1,220.1 billion U.S. dollars.

United States CBO Projection: Deficit or Surplus: % of GDP data was reported at -5.120 % in 2028. This records a decrease from the previous number of -4.588 % for 2027. United States CBO Projection: Deficit or Surplus: % of GDP data is updated yearly, averaging -4.712 % from Sep 2007 (Median) to 2028, with 22 observations. The data reached an all-time high of -1.150 % in 2007 and a record low of -11.226 % in 2009. United States CBO Projection: Deficit or Surplus: % of GDP data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s USA – Table US.F003: Federal Government Receipts & Outlays: Projection: Congressional Budget Office.

United States CBO Projection: Medicare: Contribution to Federal Deficit: % of GDP data was reported at -1.459 % in 2018. This records an increase from the previous number of -1.606 % for 2017. United States CBO Projection: Medicare: Contribution to Federal Deficit: % of GDP data is updated yearly, averaging -1.661 % from Sep 2015 (Median) to 2018, with 4 observations. The data reached an all-time high of -1.459 % in 2018 and a record low of -1.752 % in 2016. United States CBO Projection: Medicare: Contribution to Federal Deficit: % of GDP data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s USA – Table US.F003: Federal Government Receipts & Outlays: Projection: Congressional Budget Office.

United States Federal Government Surplus or Deficit: On Budget data was reported at -88.207 USD bn in Oct 2018. This records a decrease from the previous number of 101.096 USD bn for Sep 2018. United States Federal Government Surplus or Deficit: On Budget data is updated monthly, averaging -33.187 USD bn from Oct 1984 (Median) to Oct 2018, with 409 observations. The data reached an all-time high of 195.006 USD bn in Apr 2018 and a record low of -223.102 USD bn in Feb 2012. United States Federal Government Surplus or Deficit: On Budget data remains active status in CEIC and is reported by Bureau of the Fiscal Service. The data is categorized under Global Database’s United States – Table US.F001: Federal Government Receipts & Outlays.

The statistic shows the national debt of the United States from 2019 to 2022 in relation to the gross domestic product (GDP), with projections up until 2029. In 2022, the national debt of the United States was at around 120.03 percent of the gross domestic product. See the US GDP for further information. US finances There has been a dramatic increase in the public debt of the United States since 1990, although the month-to-month change has been quite stable over the last few months. Public debt is defined as the amount of money borrowed by a country to cover budget deficits. A ranking of individual state debt in the United States shows that California is leading by a clear margin, with more than double the amount of runner-up New York. Vermont, North Dakota and South Dakota are the states with the lowest amount of debt. Even before the recession of 2008, the national debt of the United States had been increasing steadily and excessively, and it is predicted to rise even further. Budget cuts and fewer job opportunities as a result of the crisis are taking their toll on the American economy, which is still recovering. Trade figures as well as unemployment are still below average. Subsequently, the national debt and the national debt of the United States per capita have more or less quadrupled since the 1990s. Interestingly, the United States is not even among the top ten of countries with the highest public debt in relation to gross domestic product in international comparison. Japan, Greece and Italy – among others – report far higher figures than the United States.

Key information about US External Debt

• United States External Debt reached 25,798.1 USD bn in Sep 2024, compared with 26,895.8 USD bn in the previous quarter.
• US External Debt: USD mn data is updated quarterly, available from Jun 2003 to Sep 2024.
• The data reached an all-time high of 26,895.8 USD bn in Jun 2024 and a record low of 6,570.2 USD bn in Jun 2003.

• In the latest reports of US, Current Account recorded a deficit of 310.9 USD bn in Sep 2024.
• Foreign Direct Investment (FDI) increased by 96.6 USD bn in Sep 2024.
• US Direct Investment Abroad expanded by 96.8 USD bn in Sep 2024.
• Its Foreign Portfolio Investment increased by 637.6 USD bn in Sep 2024.
• The country's Nominal GDP was reported at 6,632.4 USD bn in Mar 2023.

United States CBO Projection: Deficit or Surplus: On-Budget: % of GDP data was reported at -4.579 % in 2035. This records an increase from the previous number of -4.989 % for 2034. United States CBO Projection: Deficit or Surplus: On-Budget: % of GDP data is updated yearly, averaging -4.989 % from Sep 2007 (Median) to 2035, with 29 observations. The data reached an all-time high of -2.470 % in 2007 and a record low of -16.056 % in 2020. United States CBO Projection: Deficit or Surplus: On-Budget: % of GDP data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s United States – Table US.F007: Federal Government Receipts and Outlays: Projection. Refer to ID: 448572137 for historic actual figures

United States Federal Govt Surplus: Off Budget: as % of GDP data was reported at -0.100 % in 2023. This stayed constant from the previous number of -0.100 % for 2022. United States Federal Govt Surplus: Off Budget: as % of GDP data is updated yearly, averaging 0.500 % from Sep 1937 (Median) to 2023, with 78 observations. The data reached an all-time high of 1.500 % in 2002 and a record low of -0.200 % in 2021. United States Federal Govt Surplus: Off Budget: as % of GDP data remains active status in CEIC and is reported by Office of Management and Budget. The data is categorized under Global Database’s United States – Table US.F006: Federal Government Receipts and Outlays: Annual.

Key information about United States National Government Debt

• United States National Government Debt reached 36,218.9 USD bn in Feb 2025, compared with 36,220.2 USD bn in the previous month.
• US National Government Debt data is updated monthly, available from Jan 1969 to Feb 2025.
• The data reached an all-time high of 36,220.2 USD bn in Jan 2025 and a record low of 353.7 USD bn in Jun 1969.

• In the latest reports, US Consolidated Fiscal Balance recorded a deficit equal to 7.0 % of its Nominal GDP in Dec 2024.
• The country's Government debt accounted for 124.0 % of its Nominal GDP in Dec 2024.
• US Nominal GDP reached 6,632.4 USD bn in Mar 2023.

The statistic shows the 20 countries with the lowest national debt in 2023 in relation to the gross domestic product (GDP). The data refer to the debts of the entire state, including the central government, the provinces, municipalities, local authorities and social insurance. In 2023, Russia's estimated level of national debt reached about 19.66 percent of the GDP, ranking 17th of the countries with the lowest national debt. National debt and GDP The debt-to-GDP ratio is an indicator of a country’s ability to produce and sell goods in order to pay back any present debts, however these countries should not retain newer debts in the process. Many economists believe that if a country is able to produce more without impairing its own economical growth, it can be considered more stable, particularly for the future. However, the listed countries, with the exception of Russia and Saudi Arabia, are not necessarily economic first-world powers. Additionally, economically powerful countries such as the United States and France maintain one of the highest debt-to-GDP ratios, signifying that occurring debt does not necessarily damage the state of the economy and is sometimes necessary in order to help develop it. Saudi Arabia has maintained one of the lowest debt-to-GDP ratios due to its high export rates, which primarily consist of petroleum and petroleum goods. Given the significance of oil in today’s world, Saudi Arabia produces enough oil and earns enough revenue to maintain a high GDP and additionally refrain from incurring debt.

United States CBO Projection: Deficit or Surplus: Off-Budget: % of GDP data was reported at -1.182 % in 2035. This records a decrease from the previous number of -1.146 % for 2034. United States CBO Projection: Deficit or Surplus: Off-Budget: % of GDP data is updated yearly, averaging -0.087 % from Sep 2007 (Median) to 2035, with 29 observations. The data reached an all-time high of 1.320 % in 2007 and a record low of -1.182 % in 2035. United States CBO Projection: Deficit or Surplus: Off-Budget: % of GDP data remains active status in CEIC and is reported by Congressional Budget Office. The data is categorized under Global Database’s United States – Table US.F007: Federal Government Receipts and Outlays: Projection. Refer to ID: 448572167 for historic actual figures

Germany recorded a Government Debt to GDP of 62.90 percent of the country's Gross Domestic Product in 2023. This dataset provides the latest reported value for - Germany Government Debt to GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.