The U.S. national debt surpassed $37 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 showed that the gross national debt hit $37,004,817,625,842.56 on Tuesday afternoon.
The $37 trillion debt milestone comes less than eight months after the nation hit the $36 trillion threshold for the first time in late November 2024, and a little over one year after the $35 trillion mark was reached in late July 2024.
The U.S. topping $37 trillion in total debt comes as the total 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 (GDP) this year.
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