National debt today: how much does the US federal government owe?
As of October 29, 2026, total US public debt outstanding is $40.59 trillion: $32.71 trillion held by the public (investors, banks, foreign governments, the Federal Reserve) and $7.88 trillion owed to government accounts such as Social Security. The debt was $19.57 trillion ten years earlier. Measured against the economy it was 121.2% of GDP in the quarter starting April 1, 2026.
Debt as of October 29, 2026 (US Treasury); GDP ratio and interest from FRED. Refreshed weekly.
How much is the US national debt right now?
Total public debt outstanding, and who holds it.
| Part | Amount | Share of total |
|---|---|---|
| Debt held by the public | $32.71 trillion | 81% |
| Intragovernmental holdings (owed to government accounts) | $7.88 trillion | 19% |
| Total public debt outstanding | $40.59 trillion | 100% |
The headline "national debt" is the total. Debt held by the public is what the government has borrowed from outside its own accounts, and it is the figure most economists use; intragovernmental holdings are money one part of the government owes another, for example the Social Security trust funds. The numbers are the Treasury's Debt to the Penny for October 29, 2026. Treasury securities (bills, notes and bonds) are what the government sells to borrow; their yield is the risk-free rate.
How fast has the national debt grown?
Monthly since 2000, and at five points in time.
| When | Total public debt | Change to now |
|---|---|---|
| Now (Oct 29, 2026) | $40.59 trillion | n/a |
| 1 year earlier (Sep 30, 2025) | $37.64 trillion | +8% |
| 5 years earlier (Oct 29, 2021) | $28.91 trillion | +40% |
| 10 years earlier (Sep 30, 2016) | $19.57 trillion | +107% |
| 20 years earlier (Sep 29, 2006) | $8.51 trillion | +377% |
Over the past ten years the total grew by about 7.6% a year, so it is 2.1 times what it was a decade ago. A growing number is not unusual for a government that borrows every year and for an economy that also grows, which is why the next table compares it with GDP.
How big is the national debt compared with the economy?
Debt as a share of a year's GDP, since 2000.
| Measure | Value | Quarter |
|---|---|---|
| Latest | 121.2% | April 1, 2026 |
| Ten years earlier | 103.6% | April 1, 2016 |
| Highest since 2000 | 132.7% | April 1, 2020 |
| Lowest since 2000 | 54.0% | April 1, 2001 |
The ratio divides total public debt by a year of GDP (the value of everything the economy produces). It rises when borrowing outpaces growth and falls when growth outpaces borrowing. It is the series FRED publishes as GFDEGDQ188S; the latest figure is for the quarter starting April 1, 2026.
How much interest does the federal government pay?
Interest outlays by fiscal year.
| Fiscal year | Interest outlays | Change from the year before |
|---|---|---|
| Fiscal year 2019 | $573 billion | n/a |
| Fiscal year 2020 | $523 billion | -9% |
| Fiscal year 2021 | $562 billion | +8% |
| Fiscal year 2022 | $718 billion | +28% |
| Fiscal year 2023 | $879 billion | +23% |
| Fiscal year 2024 | $1,133 billion | +29% |
| Fiscal year 2025 | $1,216 billion | +7% |
| Fiscal year 2026 | $1,360 billion | +12% |
Interest outlays are what the government spent on interest in the fiscal year (October to September), as published by FRED (series FYOINT, from the Office of Management and Budget). Fiscal 2026's $1,360 billion is 3.2 times fiscal 2016's $430 billion. The cost depends on how much is owed and the rates it was borrowed at: see the yield curve for today's rates.
Why does the national debt matter to stock investors?
Four places it meets the markets this site covers.
| Link | What it means | Where to look |
|---|---|---|
| Treasury yields | The government borrows by selling Treasury securities; their yields are the risk-free rates other assets are measured against. | Yield curve |
| Stocks vs bonds | A higher risk-free yield changes what stocks have to offer to compete. | Equity risk premium |
| Interest rates and shares | How changes in rates have moved share prices. | How interest rates affect stock prices |
| The dollar and gold | Debt, real rates and the dollar enter the gold price. | Dollar vs Gold |
This page states what the Treasury and FRED publish. It does not say the debt is too large or too small, and it forecasts nothing about taxes, spending, markets or the economy.
Frequently asked questions: the national debt
What is the national debt?
The total amount the US federal government owes: what it has borrowed by selling Treasury bills, notes and bonds, plus what it owes its own accounts, such as the Social Security trust funds. The Treasury publishes it daily as Debt to the Penny.
How much is the national debt today?
As of October 29, 2026, total public debt outstanding is $40.59 trillion: $32.71 trillion held by the public and $7.88 trillion intragovernmental.
What is the difference between debt held by the public and intragovernmental debt?
Debt held by the public is owed to outside investors such as banks, funds, foreign governments and the Federal Reserve ($32.71 trillion, 81% of the total). Intragovernmental debt is owed to government accounts ($7.88 trillion), so it is one part of the government owing another.
How big is the national debt compared with GDP?
FRED's measure of total public debt as a percentage of GDP was 121.2% in the quarter starting April 1, 2026, against 103.6% ten years earlier.
How much interest does the US pay on its debt?
Federal interest outlays were $1,360 billion in fiscal 2026, up from $430 billion in fiscal 2016, as published by FRED from the Office of Management and Budget. The figure depends on how much is owed and the rates it was borrowed at.
Where does this data come from?
Total debt comes from the US Treasury's FiscalData (Debt to the Penny); the debt-to-GDP ratio and interest outlays come from FRED (the St. Louis Fed). The page is rebuilt every week.
Where does this data come from?
- Debt: US Treasury FiscalData: Debt to the Penny: total public debt outstanding, debt held by the public and intragovernmental holdings, daily since 2000.
- Debt to GDP and interest: FRED (St. Louis Fed): Federal Debt as a Percent of GDP (GFDEGDQ188S, quarterly) and Federal Outlays: Interest (FYOINT, by fiscal year).
- Method and limits: every figure is shown as published, with its date, and refreshed weekly (data as of October 29, 2026). There is no composite score, and nothing here predicts where a rate goes next. Read the Editorial Standards for how this site handles data.
Educational content only, not investment, currency-trading or tax advice. Exchange rates and interest rates move for reasons no single table captures.