The U.S. national debt has reached a historic $38 trillion, according to the Treasury Department, sparking renewed concerns among fiscal analysts as the federal government remains shut down. The increase comes just two months after crossing the $37 trillion threshold, marking one of the fastest $1 trillion debt increases outside of the COVID-19 era.
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, warned that “the problem with this national debt record is that we just keep on breaking it,” criticizing lawmakers for prioritizing new spending instead of debt reduction. Shai Akabas of the Bipartisan Policy Center said shutdowns often worsen fiscal problems, noting that deferred costs ultimately “end up costing us money.”
The Peter G. Peterson Foundation reported that rising interest payments now represent the fastest-growing share of federal spending, totaling $4 trillion over the past decade and projected to climb to $14 trillion within ten years.
Treasury Secretary Scott Bessent highlighted that the Trump administration reduced yearly deficit spending by 40% between April and September 2025—the lowest level since 2019—even as total debt continues to rise.
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