The facts
U.S. total public debt topped $40 trillion for the first time in August 2026, according to the Treasury Department.
The national debt roughly doubled from about $20 trillion in 2017 to $40 trillion in 2026, spanning the Trump and Biden administrations.
CBO projects net interest payments will exceed $1 trillion in fiscal 2025, surpassing total federal defense spending.
Social Security, Medicare, Medicaid, and interest now consume more than 60% of federal spending, per CBO baseline data.
The debt-to-GDP ratio has climbed above 120%, higher than the post-World War II peak of about 106% in 1946.
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