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.

In 2023, the gross federal debt in the United States amounted to around 93,500 U.S. dollars per capita. This is a moderate increase from the previous year, when the per capita national debt amounted to about 92,528 U.S. dollars. The total debt accrued by the U.S. annually can be accessed here. Federal debt of the United States The level of national debt held by the United States government has risen sharply in the years following the Great Recession. Federal debt is the amount of debt the federal government owes to creditors who hold assets in the form of debt securities. As with individuals and consumers, there is a common consensus among economists that holding debt is not necessarily problematic for government so long as the public debt is held at a sustainable level. Although there is no agreed upon ratio of debt to gross domestic product, the increasing debt held by the Federal Reserve has become a major part of the political discourse in the United States. Politics and the national debt In recent years, debate over the debt ceiling has been of concern to domestic politicians, the owners of federal debt, and global economy as a whole. The debt ceiling is a legislated maximum amount that national debt can reach intended to impose a degree of fiscal prudence on incumbent governments. However, as national debt has grown the debt ceiling has been reached, thus forcing legislative action by Congress. In both 2011 and 2013, new legislation was passed by Congress allowing the debt ceiling to be raised. The Budget Control Act of 2011 and the No Budget, No Pay Act of 2013 successively allowed the government to avoid defaulting on national debt and therefore avert a potential economic crisis.

Graph and download economic data for Federal Debt: Total Public Debt (GFDEBTN) from Q1 1966 to Q1 2025 about public, debt, federal, government, and USA.

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.

Summarizes the U.S. government's total outstanding debt at the end of each fiscal year from 1789 to the current year.

Graph and download economic data for Gross Federal Debt as Percent of Gross Domestic Product (GFDGDPA188S) from 1939 to 2023 about gross, debt, federal, GDP, and USA.

By 2034, the gross federal debt of the United States is projected to be about 54.39 trillion U.S. dollars. This would be an increase of around 21 trillion U.S. dollars from 2023, when the federal debt was around 33 trillion U.S. dollars.

The federal debt of the U.S.

The federal debt, also called the national debt or public debt, is the amount of debt held by the United States government. This debt may be to other countries, or to different departments within the government itself. The public debt of the United States has increased significantly over the past 30 years, as it was around 3.2 trillion U.S. dollars in 1990 and surpassed 30 trillion dollars for the first time in 2022. When broken down per capita, the national debt amounted to about 80,885 U.S. dollars of debt per person in the United States in 2021.

The problem of the federal debt

Over the past decade, the federal debt limit in the United States has increased significantly. The U.S. debt ceiling can only be changed by an act of Congress which is then signed by the president. The raising of the ceiling has become a recurring political issue in recent years, especially during times when the Presidency and chambers of Congress are controlled by different parties.

The debt ceiling is a tool that allows the Treasury to issue bonds without congressional approval, allowing for efficiency in the way that the government pays for programs and services. It is thought to be further valuable in that it keeps federal finances in check. However, when the two parties are unable to come to an agreement on raising the debt ceiling, the government comes to a shutdown because they can no longer fund themselves. The Republican Party in particular often positions itself against raising the federal debt ceiling, characterizing themselves as the party of fiscal conservativism. However, analyses have shown that both parties have contributed to the country's debt in almost equal measures.

Graph and download economic data for Federal Debt Held by the Public as Percent of Gross Domestic Product (FYGFGDQ188S) from Q1 1970 to Q1 2025 about public, debt, federal, GDP, and USA.

Key information about United States Government Debt: % of GDP

• United States Government debt accounted for 124.0 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 123.1 % in the previous quarter.
• US government debt to GDP ratio data is updated quarterly, available from Mar 1969 to Dec 2024.
• The data reached an all-time high of 130.4 % in Mar 2021 and a record low of 31.8 % in Sep 1974.

CEIC calculates quarterly Government Debt as % of Nominal GDP from monthly Government Debt and rolling sum of quarterly Nominal GDP. The Bureau of the Fiscal Service provides Government Debt in USD. The Bureau of Economic Analysis provides Nominal GDP in USD. Government Debt covers Central Government only.


Related information about United States Government Debt: % of GDP

• In the latest reports, US National Government Debt reached 36,220.2 USD bn in Jan 2025.
• The country's Nominal GDP reached 6,632.4 USD bn in Mar 2023.

The national debt of Paraguay stands at approximately 20.92 billion U.S. dollars in 2025.Fluctuating rise between 1990 and 2025Compared to the earliest depicted observation from 1990 there is a total increase by approximately 20.39 billion U.S. dollars. From the pattern between 1990 and 2025 it becomes clear that this increase however did not happen continuously.Continuous rise between 2025 and 2030In 2030 the national debt will lie at around 26.33 billion U.S. dollars, according to forecasts. There is an overall increase by approximately 5.40 billion U.S. dollars since 2025. This growth reflects a steady upward trend.

The here depicted national debt of Switzerland lies at approximately 352.87 billion U.S. dollars in 2025.Fluctuating rise between 1990 and 2025Compared to the earliest depicted observation from 1990 this is a total increase by approximately 211.68 billion U.S. dollars. The trajectory from 1990 to 2025 shows however that this increase did not happen continuously.Continuous decline between 2025 and 2030In 2030 the national debt will amount to roughly 344.99 billion U.S. dollars, according to forecasts. This indicates an overall decrease by approximately 7.88 billion U.S. dollars since 2025. This decrease reflects a consistent falling trend.

As shown in this statistic, the national debt of Honduras stands at approximately 17.26 billion U.S. dollars in 2025.Fluctuating rise between 1990 and 2025Compared to the earliest depicted observation from 1990 there is a total increase by approximately 15.63 billion U.S. dollars. Looking at the trajectory between 1990 and 2025, one can observe that this increase however did not happen continuously.Fluctuating rise between 2025 and 2030In 2030 the national debt will be around 20.26 billion U.S. dollars, according to forecasts. There is an overall increase by approximately 3 billion U.S. dollars since 2025.

In 2025, the national debt of Gabon lies at approximately 16.37 billion U.S. dollars.Fluctuating rise between 1990 and 2025Between 1990 and 2025 a total increase by approximately 13.79 billion U.S. dollars can be observed. The data emphasizes however that this increase did not happen continuously.Continuous rise between 2025 and 2030In 2030 the national debt will stand at around 24.36 billion U.S. dollars, according to forecasts. There is an overall increase by approximately 7.99 billion U.S. dollars since 2025. This growth reflects a steady upward trend.

Graph and download economic data for Central government debt, total (% of GDP) for Cyprus (DEBTTLCYA188A) from 1990 to 1994 about Cyprus, debt, government, and GDP.

In 2025, the national debt of Honduras lies at approximately 17.26 billion U.S. dollars.Fluctuating rise between 1990 and 2025Compared to the earliest depicted observation from 1990 this is a total increase by approximately 15.63 billion U.S. dollars. The trajectory from 1990 to 2025 shows however that this increase did not happen continuously.Fluctuating rise between 2025 and 2030The national debt will amount to roughly 20.26 billion U.S. dollars in 2030, according to forecasts. This indicates an overall increase by approximately 3 billion U.S. dollars since 2025.

According to this statistic, the ratio of national debt to gross domestic product (GDP) of Paraguay stands at approximately 43.91 percent in 2025.Fluctuating decline between 1990 and 2025A total decrease by approximately 23.09 percentage points can be seen between 1990 and 2025. This decrease however did not happen continuously.Continuous decline between 2025 and 2030The ratio will lie at roughly 39.39 percent in 2030, according to forecasts. This indicates an overall decrease by approximately 4.52 percentage points since 2025. This decrease reflects a consistent falling trend.The general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

Federal Debt: Held by Public: Agency Securities data was reported at 22.822 USD bn in Sep 2018. This records a decrease from the previous number of 23.052 USD bn for Aug 2018. Federal Debt: Held by Public: Agency Securities data is updated monthly, averaging 24.035 USD bn from Jan 1980 (Median) to Sep 2018, with 465 observations. The data reached an all-time high of 32.651 USD bn in Oct 1990 and a record low of 2.701 USD bn in Dec 1987. Federal Debt: Held by Public: Agency Securities 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.F004: Federal Debt.

Japan debt to gdp ratio for 2022 was 216.21%, a 0.12% decline from 2021.

<ul style='margin-top:20px;'>

<li>Japan debt to gdp ratio for 2021 was <strong>216.33%</strong>, a <strong>0.57% increase</strong> from 2020.</li>
<li>Japan debt to gdp ratio for 2020 was <strong>215.76%</strong>, a <strong>17.75% increase</strong> from 2019.</li>
<li>Japan debt to gdp ratio for 2019 was <strong>198.01%</strong>, a <strong>0.67% increase</strong> from 2018.</li>
</ul>Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

Key information about Switzerland National Government Debt

• Switzerland National Government Debt reached 267.5 USD bn in Dec 2022, compared with 256.9 USD bn in the previous year.
• Switzerland National Government Debt data is updated yearly, available from Dec 1990 to Dec 2022.
• The data reached an all-time high of 267.5 USD bn in Dec 2022 and a record low of 82.4 USD bn in Dec 1990.

CEIC converts annual Government Debt into USD. Federal Finance Administration provides Government Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions.


Related information about Switzerland National Government Debt

• In the latest reports, Switzerland Consolidated Fiscal Balance recorded a deficit equal to 0.3 % of its Nominal GDP in Dec 2021.
• The country's Government debt accounted for 25.1 % of its Nominal GDP in Dec 2026.
• Switzerland Nominal GDP reached 213.3 USD bn in Mar 2023.

In 2025, the ratio of national debt to gross domestic product (GDP) of Morocco lies at approximately 68.94 percent.Fluctuating decline between 1990 and 2025A total decrease by approximately 1.54 percentage points can be observed between 1990 and 2025. The data emphasizes however that this decrease did not happen continuously.Continuous decline between 2025 and 2030In 2030 the ratio will amount to around 65.10 percent, according to forecasts. There is an overall decrease by approximately 3.84 percentage points since 2025. This decrease reflects a consistent falling trend.The general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.