Macro glossary

US National Debt

The total outstanding debt of the US federal government.

Definition

US national debt surpassed $34 trillion in 2024. Net interest expense — the portion servicing this debt — now exceeds defense spending and is the fastest-growing line item in the federal budget.

Related indicators

US National Debt

Track the total US national debt in real time. Rising federal debt constrains fiscal policy options

Interest Expense

Track U.S. government interest payments on national debt. Rising interest expense crowds out fiscal

Related terms

Debt-to-GDP Ratio

The ratio of total US federal debt to nominal GDP.

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