United States National Debt Statistics

GITNUXREPORT 2026

United States National Debt Statistics

With gross federal debt topping $27.5 trillion at the end of FY 2024 and net interest outlays still pressured by rate risk and refinancing exposure, this page connects the mechanics behind rising debt costs. You also get a CBO baseline sustainability frame and the sharp tradeoffs that follow from a projected 2034 Social Security trust fund depletion, plus real benchmarks like 2024 Treasury yields and deficits that preceded the FY 2024 level.

33 statistics33 sources13 sections8 min readUpdated 6 days ago

Key Statistics

Statistic 1

$27.5 trillion U.S. gross federal debt outstanding (total federal debt) at end of FY 2024 — includes both debt held by the public and intragovernmental holdings

Statistic 2

99.9% of U.S. federal debt held by the public was publicly observable in marketable and nonmarketable securities — indicating nearly all public debt is traceable to specific instrument claims

Statistic 3

The Office of Management and Budget shows gross federal debt rising to $34+ trillion by FY 2024 — supporting the end-of-year debt level

Statistic 4

34.6% of GDP projected 2024 gross federal debt held by the public in FY 2024 for the OECD “General Government Debt” dataset baseline—measured as gross debt relative to GDP

Statistic 5

122.0% of GDP general government gross debt in 2023—measured as gross debt relative to GDP

Statistic 6

29.9% of GDP projected U.S. gross public debt by 2028 under current policy assumptions in the IMF Fiscal Monitor framework—measured as gross debt relative to GDP

Statistic 7

The CBO baseline includes debt-to-GDP projections under current-law tax and spending policies — a quantified sustainability framework for the national debt

Statistic 8

Gross general government debt for the United States was 122% of GDP in 2023 (IMF) — showing pre-2024 baseline

Statistic 9

Fiscal deterioration risk is reflected in IMF’s finding that public-debt dynamics are sensitive to primary balances and interest-growth differentials — quantified risk framing

Statistic 10

The average interest rate on U.S. Treasury debt minus the GDP growth rate (r-g) is positive under current conditions — implying debt dynamics that can worsen absent fiscal adjustment

Statistic 11

$3.1 trillion U.S. federal deficit in FY 2023 — showing the deficit size that preceded FY 2024

Statistic 12

15.1% of GDP U.S. federal deficit in FY 2020 — illustrating the unusually large pandemic-era deficit that increased debt

Statistic 13

The U.S. public debt increased by $7.3 trillion in FY 2020 — showing a spike due to pandemic deficits

Statistic 14

3.5% of GDP net interest outlays in FY 2023 — lower than FY 2024 and consistent with rising rates and debt service

Statistic 15

$74 billion gross interest received by the government in FY 2024 — a component that reduces net interest outlays

Statistic 16

Federal debt interest sensitivity to a 1 percentage point increase in Treasury yields is estimated to add roughly $100+ billion annually to net interest outlays in the near term (CBO sensitivity) — shows rate risk to debt costs

Statistic 17

5-year Treasury marketable debt auction stop-out yields averaged 4.3% in calendar year 2024 — a measurable benchmark for refinancing costs

Statistic 18

10-year Treasury yield averaged 3.9% in 2024 — a key benchmark for long-maturity funding costs

Statistic 19

Federal funds rate averaged 5.33% in 2024 — short-rate conditions that influence Treasury yields and interest costs

Statistic 20

Approx. $2.4 trillion of Treasury debt will mature within 1 year under CBO’s baseline for 2025–2034 — showing near-term refinancing exposure

Statistic 21

In FY 2024, Treasury auctioned $1.0 trillion in 2-year notes — a measurable short-to-medium refinancing component

Statistic 22

Social Security trust fund depletion is projected for 2034 — affecting future federal financing needs

Statistic 23

$2.4 trillion of Treasury debt is scheduled to mature within 1 year under a CBO baseline timeframe—measured as near-term maturity exposure

Statistic 24

Treasury’s average issuance across marketable coupon maturities in 2024 reflected a rebalancing toward shorter maturities—measured by the Treasury quarterly refunding announcement schedule

Statistic 25

4.3% average stop-out yield for 5-year Treasury marketable debt auctions in calendar year 2024—measured as auction stop-out yields

Statistic 26

3.9% average 10-year Treasury yield in calendar year 2024—measured as average yield

Statistic 27

5.33% average federal funds rate in 2024—measured as average effective federal funds rate

Statistic 28

At least 80% of Treasury securities are held by investors other than the Treasury itself according to Federal Reserve Flow of Funds measures—measured as share outside the government

Statistic 29

U.S. pension funds and retirement plans held about $1.8 trillion in U.S. Treasury securities in 2024—measured as pension holdings of Treasuries

Statistic 30

Interest rate risk is amplified by refinancing and roll-over needs because Treasury securities periodically mature and are reissued—measured via GAO’s debt management risk discussion

Statistic 31

Social Security represented about 22% of federal outlays in FY 2024—measured as spending share by program

Statistic 32

Medicare represented about 16% of federal outlays in FY 2024—measured as spending share by program

Statistic 33

Defense and nondefense discretionary spending combined represented about 30% of federal outlays in FY 2024—measured as discretionary outlay share

Sources
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Karl Becker

Written by Karl Becker·Edited by Stefan Wendt·Fact-checked by Jonathan Hale

Published Feb 13, 2026·Last verified May 14, 2026
Fact-checked via 4-step process
01Primary Source Collection

Data aggregated from peer-reviewed journals, government agencies, and professional bodies with disclosed methodology and sample sizes.

02Editorial Curation

Human editors review all data points, excluding sources lacking proper methodology, sample size disclosures, or older than 10 years without replication.

03AI-Powered Verification

Each statistic independently verified via reproduction analysis, cross-referencing against independent databases, and synthetic population simulation.

04Human Cross-Check

Final human editorial review of all AI-verified statistics. Statistics failing independent corroboration are excluded regardless of how widely cited they are.

Read our full methodology →

Statistics that fail independent corroboration are excluded.

With the U.S. gross federal debt reaching $27.5 trillion at the end of FY 2024, nearly everything taxpayers owe is tied to specific securities held by the public. Net interest sensitivity is rising too, with a CBO estimate that a 1 percentage point jump in Treasury yields could add $100+ billion annually to net interest outlays. Put together with mounting near term refinancing pressure and the budget weight of Social Security, Medicare, and discretionary spending, the question becomes how debt dynamics change when rates stay high and growth does not bail them out.

Key Takeaways

  • $27.5 trillion U.S. gross federal debt outstanding (total federal debt) at end of FY 2024 — includes both debt held by the public and intragovernmental holdings
  • 99.9% of U.S. federal debt held by the public was publicly observable in marketable and nonmarketable securities — indicating nearly all public debt is traceable to specific instrument claims
  • The Office of Management and Budget shows gross federal debt rising to $34+ trillion by FY 2024 — supporting the end-of-year debt level
  • The CBO baseline includes debt-to-GDP projections under current-law tax and spending policies — a quantified sustainability framework for the national debt
  • Gross general government debt for the United States was 122% of GDP in 2023 (IMF) — showing pre-2024 baseline
  • Fiscal deterioration risk is reflected in IMF’s finding that public-debt dynamics are sensitive to primary balances and interest-growth differentials — quantified risk framing
  • $3.1 trillion U.S. federal deficit in FY 2023 — showing the deficit size that preceded FY 2024
  • 15.1% of GDP U.S. federal deficit in FY 2020 — illustrating the unusually large pandemic-era deficit that increased debt
  • The U.S. public debt increased by $7.3 trillion in FY 2020 — showing a spike due to pandemic deficits
  • 3.5% of GDP net interest outlays in FY 2023 — lower than FY 2024 and consistent with rising rates and debt service
  • $74 billion gross interest received by the government in FY 2024 — a component that reduces net interest outlays
  • Federal debt interest sensitivity to a 1 percentage point increase in Treasury yields is estimated to add roughly $100+ billion annually to net interest outlays in the near term (CBO sensitivity) — shows rate risk to debt costs
  • 5-year Treasury marketable debt auction stop-out yields averaged 4.3% in calendar year 2024 — a measurable benchmark for refinancing costs
  • 10-year Treasury yield averaged 3.9% in 2024 — a key benchmark for long-maturity funding costs
  • Federal funds rate averaged 5.33% in 2024 — short-rate conditions that influence Treasury yields and interest costs

U.S. gross federal debt neared $27.5 trillion in FY 2024 as deficits and rising interest costs strain sustainability.

Related reading

Debt Levels

1$27.5 trillion U.S. gross federal debt outstanding (total federal debt) at end of FY 2024 — includes both debt held by the public and intragovernmental holdings[1]
Single source
299.9% of U.S. federal debt held by the public was publicly observable in marketable and nonmarketable securities — indicating nearly all public debt is traceable to specific instrument claims[2]
Verified
3The Office of Management and Budget shows gross federal debt rising to $34+ trillion by FY 2024 — supporting the end-of-year debt level[3]
Verified
434.6% of GDP projected 2024 gross federal debt held by the public in FY 2024 for the OECD “General Government Debt” dataset baseline—measured as gross debt relative to GDP[4]
Directional
5122.0% of GDP general government gross debt in 2023—measured as gross debt relative to GDP[5]
Verified
629.9% of GDP projected U.S. gross public debt by 2028 under current policy assumptions in the IMF Fiscal Monitor framework—measured as gross debt relative to GDP[6]
Verified

Debt Levels Interpretation

In the Debt Levels view, U.S. gross federal debt is around $27.5 trillion at end of FY 2024 and is projected to rise to $34+ trillion by FY 2024 while staying very high relative to the economy with public debt at about 34.6% of GDP in 2024.

Debt Sustainability

1The CBO baseline includes debt-to-GDP projections under current-law tax and spending policies — a quantified sustainability framework for the national debt[7]
Verified
2Gross general government debt for the United States was 122% of GDP in 2023 (IMF) — showing pre-2024 baseline[8]
Directional
3Fiscal deterioration risk is reflected in IMF’s finding that public-debt dynamics are sensitive to primary balances and interest-growth differentials — quantified risk framing[9]
Verified
4The average interest rate on U.S. Treasury debt minus the GDP growth rate (r-g) is positive under current conditions — implying debt dynamics that can worsen absent fiscal adjustment[10]
Verified

Debt Sustainability Interpretation

Debt sustainability concerns are rising because the United States had gross general government debt at 122% of GDP in 2023, and with the CBO projecting under current-law policies while IMF analysis shows public-debt dynamics are highly sensitive to the primary balance and a positive interest rate minus growth gap, the risk of worsening debt dynamics remains significant without fiscal adjustment.

Debt Flows

1$3.1 trillion U.S. federal deficit in FY 2023 — showing the deficit size that preceded FY 2024[11]
Verified
215.1% of GDP U.S. federal deficit in FY 2020 — illustrating the unusually large pandemic-era deficit that increased debt[12]
Directional
3The U.S. public debt increased by $7.3 trillion in FY 2020 — showing a spike due to pandemic deficits[13]
Directional

Debt Flows Interpretation

In the Debt Flows category, the U.S. public debt jumped by $7.3 trillion in FY 2020 and the federal deficit reached 15.1% of GDP before the FY 2024 period, with a $3.1 trillion deficit in FY 2023 showing how large pandemic-era borrowing flowed into persistently high deficits.

Debt Costs

13.5% of GDP net interest outlays in FY 2023 — lower than FY 2024 and consistent with rising rates and debt service[14]
Verified
2$74 billion gross interest received by the government in FY 2024 — a component that reduces net interest outlays[15]
Verified

Debt Costs Interpretation

Debt costs stayed a meaningful drag on the federal budget at 3.5% of GDP in net interest outlays in FY 2023, and even with $74 billion in gross interest received in FY 2024 offsetting some of those costs, the broader picture still points to heightened debt service pressures as rates rise.

More related reading

Budget Composition

1Federal debt interest sensitivity to a 1 percentage point increase in Treasury yields is estimated to add roughly $100+ billion annually to net interest outlays in the near term (CBO sensitivity) — shows rate risk to debt costs[16]
Verified

Budget Composition Interpretation

From a budget composition perspective, the CBO estimates that a 1 percentage point rise in Treasury yields would add about $100+ billion per year to net interest outlays, underscoring how strongly the debt’s interest costs are rate-sensitive in the near term.

Interest Rates

15-year Treasury marketable debt auction stop-out yields averaged 4.3% in calendar year 2024 — a measurable benchmark for refinancing costs[17]
Verified
210-year Treasury yield averaged 3.9% in 2024 — a key benchmark for long-maturity funding costs[18]
Directional
3Federal funds rate averaged 5.33% in 2024 — short-rate conditions that influence Treasury yields and interest costs[19]
Single source

Interest Rates Interpretation

In 2024, interest-rate conditions stayed elevated with the federal funds rate averaging 5.33% while 5-year and 10-year Treasury yields settled at 4.3% and 3.9%, respectively, signaling persistently higher borrowing costs for the United States.

Debt Maturity

1Approx. $2.4 trillion of Treasury debt will mature within 1 year under CBO’s baseline for 2025–2034 — showing near-term refinancing exposure[20]
Verified

Debt Maturity Interpretation

Under the CBO’s 2025 to 2034 baseline, about $2.4 trillion of Treasury debt matures within one year, underscoring the near term refinancing pressure tied to debt maturity.

Issuance & Ownership

1In FY 2024, Treasury auctioned $1.0 trillion in 2-year notes — a measurable short-to-medium refinancing component[21]
Single source

Issuance & Ownership Interpretation

In FY 2024, Treasury auctioned $1.0 trillion in 2-year notes, underscoring how the issuance of short term debt shapes near term refinancing and ownership patterns.

Off Balance Burden

1Social Security trust fund depletion is projected for 2034 — affecting future federal financing needs[22]
Verified

Off Balance Burden Interpretation

With Social Security trust fund depletion projected for 2034, the off balance burden is set to increase sharply by worsening future federal financing needs.

More related reading

Maturity & Supply

1$2.4 trillion of Treasury debt is scheduled to mature within 1 year under a CBO baseline timeframe—measured as near-term maturity exposure[23]
Verified
2Treasury’s average issuance across marketable coupon maturities in 2024 reflected a rebalancing toward shorter maturities—measured by the Treasury quarterly refunding announcement schedule[24]
Single source

Maturity & Supply Interpretation

Under the Maturity and Supply lens, the near term is the pressure point as $2.4 trillion of Treasury debt is set to mature within one year in the CBO baseline, and the 2024 issuance pattern shows a clear shift toward shorter maturities in line with Treasury’s quarterly refunding announcements.

Interest Costs

14.3% average stop-out yield for 5-year Treasury marketable debt auctions in calendar year 2024—measured as auction stop-out yields[25]
Verified
23.9% average 10-year Treasury yield in calendar year 2024—measured as average yield[26]
Verified
35.33% average federal funds rate in 2024—measured as average effective federal funds rate[27]
Verified

Interest Costs Interpretation

In the interest costs lens, 2024 looks expensive for the United States as borrowing rates stayed high, with the average federal funds rate at 5.33% and Treasury yields around 3.9% for 10-year debt and 4.3% at 5-year auction stop out, indicating sustained upward pressure on debt interest costs.

Investor Structure

1At least 80% of Treasury securities are held by investors other than the Treasury itself according to Federal Reserve Flow of Funds measures—measured as share outside the government[28]
Single source
2U.S. pension funds and retirement plans held about $1.8 trillion in U.S. Treasury securities in 2024—measured as pension holdings of Treasuries[29]
Verified

Investor Structure Interpretation

Under the investor structure lens, Treasuries are firmly in private hands with at least 80% held outside the government, and pension funds alone held about $1.8 trillion of these securities in 2024, underscoring how retirement investors play a major role in sustaining U.S. debt demand.

Fiscal Risks

1Interest rate risk is amplified by refinancing and roll-over needs because Treasury securities periodically mature and are reissued—measured via GAO’s debt management risk discussion[30]
Verified
2Social Security represented about 22% of federal outlays in FY 2024—measured as spending share by program[31]
Verified
3Medicare represented about 16% of federal outlays in FY 2024—measured as spending share by program[32]
Single source
4Defense and nondefense discretionary spending combined represented about 30% of federal outlays in FY 2024—measured as discretionary outlay share[33]
Verified

Fiscal Risks Interpretation

Under the Fiscal Risks lens, the U.S. debt outlook is especially exposed because rolling over maturing Treasury securities creates interest rate risk while major spending commitments remain sizable, with Social Security at about 22% and Medicare at about 16% of FY 2024 outlays.

How We Rate Confidence

Models

Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.

Single source
ChatGPTClaudeGeminiPerplexity

Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.

AI consensus: 1 of 4 models agree

Directional
ChatGPTClaudeGeminiPerplexity

Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.

AI consensus: 2–3 of 4 models broadly agree

Verified
ChatGPTClaudeGeminiPerplexity

All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.

AI consensus: 4 of 4 models fully agree

Models

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APA
Karl Becker. (2026, February 13). United States National Debt Statistics. Gitnux. https://gitnux.org/united-states-national-debt-statistics
MLA
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Chicago
Karl Becker. 2026. "United States National Debt Statistics." Gitnux. https://gitnux.org/united-states-national-debt-statistics.

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