Deficit: a yearly gap
When the government spends more than it takes in during a year, it runs a deficit. When it takes in more than it spends, it runs a surplus.
Following federal dollars
National Debt
What does the United States owe? How did that change over time—and who was in office?
Debt and deficit are different
Debt: what is owed
Debt is the amount the government owes from borrowing over time. It does not reset to zero when a new president takes office.
Interest: a borrowing cost
The government pays interest to lenders. More debt or higher interest rates can raise that cost, leaving less room for other spending or tax cuts.
The latest dated snapshot
These are Treasury figures for October 15, 2026, the latest daily record returned when this page was checked. This is a saved snapshot, not a live counter.
Total Treasury debt
The two groups below added together.
Held by the public
Owed to investors outside federal government accounts, including the Federal Reserve.
Held by government accounts
Owed to federal accounts, including trust funds such as Social Security.
Who lends the money?
People, banks, retirement funds, other investors, the Federal Reserve, and foreign investors hold Treasury debt. Foreign governments own only part of it. The “public” category includes both U.S. and foreign holders.
Early history: selected milestones
These are dollars of the time, not adjusted for rising prices. A dollar in 1790 bought much more than a dollar today. The dates below are the exact dates in Treasury’s historical series.
| Record date | Total debt | Historical context |
|---|---|---|
| 1790-01-01 | $71.06M | The new government carried debt from the nation’s founding. |
| 1800-01-01 | $82.98M | An early checkpoint before the War of 1812. |
| 1816-01-01 | $127.33M | After the War of 1812. |
| 1835-01-01 | $33,733.05 | Near the historic debt payoff. This dated record is $33,733.05, not zero. |
| 1860-07-01 | $64.84M | Before the Civil War. |
| 1865-07-01 | $2.68B | The Civil War greatly increased borrowing. |
| 1900-07-01 | $2.14B | A turn-of-the-century checkpoint. |
| 1917-07-01 | $5.72B | A checkpoint during the year the U.S. entered World War I. |
| 1919-07-01 | $27.39B | After World War I. |
| 1929-06-29 | $16.93B | A checkpoint before the stock market crash in October. |
Was the debt ever paid off? Treasury describes 1835 as the historic payoff of all interest-bearing debt. Its January 1 record still shows $33,733.05. We preserve that dated figure rather than replacing it with zero. M = million; B = billion.
How big is the debt compared with the economy?
GDP is the value of goods and services the country produces in a year. Comparing debt with GDP helps put older and newer figures in perspective. A ratio of 100% means the debt measure equals about one year of the country’s output.
Annual debt and who held office
Each row is a dated snapshot. Party labels show who held office, not who caused the whole debt. Presidents and Congress share budget decisions. Earlier laws, economic changes, wars, and emergencies also affect the total.
T = trillion; B = billion. Amounts are in dollars of that year. Swipe across on smaller screens. “Not available” means this source does not supply that figure.
| Fiscal year / date | Total debt | Change from prior year | Public-held debt / GDP | President | House control | Senate control |
|---|---|---|---|---|---|---|
| 20262026-09-30 | $40.17T | +$2.53T | Not available | Donald TrumpRepublican | Republican | Republican |
| 20252025-09-30 | $37.64T | +$2.17T | 99.5% | Donald TrumpRepublican | Republican | Republican |
| 20242024-09-30 | $35.46T | +$2.30T | 97.4% | Joe BidenDemocrat | Republican | Democrat |
| 20232023-09-30 | $33.17T | +$2.24T | 95.8% | Joe BidenDemocrat | Republican | Democrat |
| 20222022-09-30 | $30.93T | +$2.50T | 94.9% | Joe BidenDemocrat | Democrat | Democrat |
| 20212021-09-30 | $28.43T | +$1.48T | 96.7% | Joe BidenDemocrat | Democrat | Democrat |
| 20202020-09-30 | $26.95T | +$4.23T | 98.5% | Donald TrumpRepublican | Democrat | Republican |
| 20192019-09-30 | $22.72T | +$1.20T | 78.9% | Donald TrumpRepublican | Democrat | Republican |
| 20182018-09-30 | $21.52T | +$1.27T | 77.1% | Donald TrumpRepublican | Republican | Republican |
| 20172017-09-30 | $20.24T | +$671.46B | 75.7% | Donald TrumpRepublican | Republican | Republican |
| 20162016-09-30 | $19.57T | +$1.42T | 76% | Barack ObamaDemocrat | Republican | Republican |
| 20152015-09-30 | $18.15T | +$326.55B | 72.2% | Barack ObamaDemocrat | Republican | Republican |
| 20142014-09-30 | $17.82T | +$1.09T | 73.3% | Barack ObamaDemocrat | Republican | Democrat |
| 20132013-09-30 | $16.74T | +$671.94B | 71.8% | Barack ObamaDemocrat | Republican | Democrat |
| 20122012-09-30 | $16.07T | +$1.28T | 70% | Barack ObamaDemocrat | Republican | Democrat |
| 20112011-09-30 | $14.79T | +$1.23T | 65.5% | Barack ObamaDemocrat | Republican | Democrat |
| 20102010-09-30 | $13.56T | +$1.65T | 60.6% | Barack ObamaDemocrat | Democrat | Democrat |
| 20092009-09-30 | $11.91T | +$1.89T | 52.2% | Barack ObamaDemocrat | Democrat | Democrat |
| 20082008-09-30 | $10.02T | +$1.02T | 39.2% | George W. BushRepublican | Democrat | Democrat |
| 20072007-09-30 | $9.01T | +$500.68B | 35.2% | George W. BushRepublican | Democrat | Democrat |
| 20062006-09-30 | $8.51T | +$574.26B | 35.4% | George W. BushRepublican | Republican | Republican |
| 20052005-09-30 | $7.93T | +$553.66B | 35.8% | George W. BushRepublican | Republican | Republican |
| 20042004-09-30 | $7.38T | +$595.82B | 35.7% | George W. BushRepublican | Republican | Republican |
| 20032003-09-30 | $6.78T | +$555.00B | 34.7% | George W. BushRepublican | Republican | Republican |
| 20022002-09-30 | $6.23T | +$420.77B | 32.7% | George W. BushRepublican | Republican | Democrat |
| 20012001-09-30 | $5.81T | +$133.29B | 31.5% | George W. BushRepublican | Republican | Democrat |
| 20002000-09-30 | $5.67T | +$17.91B | 33.7% | Bill ClintonDemocrat | Republican | Republican |
| 19991999-09-30 | $5.66T | +$130.08B | 38.3% | Bill ClintonDemocrat | Republican | Republican |
| 19981998-09-30 | $5.53T | +$113.05B | 41.7% | Bill ClintonDemocrat | Republican | Republican |
| 19971997-09-30 | $5.41T | +$188.34B | 44.6% | Bill ClintonDemocrat | Republican | Republican |
| 19961996-09-30 | $5.22T | +$250.83B | 47% | Bill ClintonDemocrat | Republican | Republican |
| 19951995-09-29 | $4.97T | +$281.23B | 47.7% | Bill ClintonDemocrat | Republican | Republican |
| 19941994-09-30 | $4.69T | +$281.26B | 47.8% | Bill ClintonDemocrat | Democrat | Democrat |
| 19931993-09-30 | $4.41T | +$346.87B | 47.9% | Bill ClintonDemocrat | Democrat | Democrat |
| 19921992-09-30 | $4.06T | +$399.32B | 46.8% | George H. W. BushRepublican | Democrat | Democrat |
| 19911991-09-30 | $3.67T | +$431.99B | 44.1% | George H. W. BushRepublican | Democrat | Democrat |
| 19901990-09-28 | $3.23T | +$375.88B | 40.9% | George H. W. BushRepublican | Democrat | Democrat |
| 19891989-09-29 | $2.86T | +$255.09B | 39.4% | George H. W. BushRepublican | Democrat | Democrat |
| 19881988-09-30 | $2.60T | +$252.06B | 39.9% | Ronald ReaganRepublican | Democrat | Democrat |
| 19871987-09-30 | $2.35T | +$224.97B | 39.6% | Ronald ReaganRepublican | Democrat | Democrat |
| 19861986-09-30 | $2.13T | +$302.20B | 38.5% | Ronald ReaganRepublican | Democrat | Republican |
| 19851985-09-30 | $1.82T | +$250.84B | 35.3% | Ronald ReaganRepublican | Democrat | Republican |
| 19841984-09-30 | $1.57T | +$195.06B | 33.1% | Ronald ReaganRepublican | Democrat | Republican |
| 19831983-09-30 | $1.38T | +$235.18B | 32.2% | Ronald ReaganRepublican | Democrat | Republican |
| 19821982-09-30 | $1.14T | +$144.18B | 27.9% | Ronald ReaganRepublican | Democrat | Republican |
| 19811981-09-30 | $997.86B | +$90.15B | 25.2% | Ronald ReaganRepublican | Democrat | Republican |
| 19801980-09-30 | $907.70B | +$81.18B | 25.5% | Jimmy CarterDemocrat | Democrat | Democrat |
| 19791979-09-30 | $826.52B | +$54.98B | 25% | Jimmy CarterDemocrat | Democrat | Democrat |
| 19781978-09-30 | $771.54B | +$72.70B | 26.7% | Jimmy CarterDemocrat | Democrat | Democrat |
| 19771977-09-30 | $698.84B | +$78.41B15-month gap; see note below | 27.1% | Jimmy CarterDemocrat | Democrat | Democrat |
| 19761976-06-30 | $620.43B | +$87.24B | 26.7% | Gerald FordRepublican | Democrat | Democrat |
| 19751975-06-30 | $533.19B | +$58.13B | 24.6% | Gerald FordRepublican | Democrat | Democrat |
| 19741974-06-30 | $475.06B | +$16.92B | 23.2% | Richard NixonRepublican | Democrat | Democrat |
| 19731973-06-30 | $458.14B | +$30.88B | 25.2% | Richard NixonRepublican | Democrat | Democrat |
| 19721972-06-30 | $427.26B | +$29.13B | 26.5% | Richard NixonRepublican | Democrat | Democrat |
| 19711971-06-30 | $398.13B | +$27.21B | 27.1% | Richard NixonRepublican | Democrat | Democrat |
| 19701970-06-30 | $370.92B | +$17.20B | 27.1% | Richard NixonRepublican | Democrat | Democrat |
| 19691969-06-30 | $353.72B | +$6.14B | 28.4% | Richard NixonRepublican | Democrat | Democrat |
| 19681968-06-30 | $347.58B | +$21.36B | 32.3% | Lyndon JohnsonDemocrat | Democrat | Democrat |
| 19671967-06-30 | $326.22B | +$6.31B | 31.9% | Lyndon JohnsonDemocrat | Democrat | Democrat |
| 19661966-06-30 | $319.91B | +$2.63B | 33.8% | Lyndon JohnsonDemocrat | Democrat | Democrat |
| 19651965-06-30 | $317.27B | +$5.56B | 36.8% | Lyndon JohnsonDemocrat | Democrat | Democrat |
| 19641964-06-30 | $311.71B | +$5.85B | 38.8% | Lyndon JohnsonDemocrat | Democrat | Democrat |
| 19631963-06-30 | $305.86B | +$7.66B | 41.1% | John KennedyDemocrat | Democrat | Democrat |
| 19621962-06-30 | $298.20B | +$9.23B | 42.3% | John KennedyDemocrat | Democrat | Democrat |
| 19611961-06-30 | $288.97B | +$2.64B | 43.6% | John KennedyDemocrat | Democrat | Democrat |
| 19601960-06-30 | $286.33B | +$1.62B | 44.3% | Dwight EisenhowerRepublican | Democrat | Democrat |
| 19591959-06-30 | $284.71B | +$8.36B | 46.5% | Dwight EisenhowerRepublican | Democrat | Democrat |
| 19581958-06-30 | $276.34B | +$5.82B | 47.8% | Dwight EisenhowerRepublican | Democrat | Democrat |
| 19571957-06-30 | $270.53B | −$2.22B | 47.3% | Dwight EisenhowerRepublican | Democrat | Democrat |
| 19561956-06-30 | $272.75B | −$1.62B | 50.7% | Dwight EisenhowerRepublican | Democrat | Democrat |
| 19551955-06-30 | $274.37B | +$3.11B | 55.8% | Dwight EisenhowerRepublican | Democrat | Democrat |
| 19541954-06-30 | $271.26B | +$5.19B | 58% | Dwight EisenhowerRepublican | Republican | Republican |
| 19531953-06-30 | $266.07B | +$6.97B | 57.2% | Dwight EisenhowerRepublican | Republican | Republican |
| 19521952-06-30 | $259.11B | +$3.88B | 60.1% | Harry TrumanDemocrat | Democrat | Democrat |
| 19511951-06-29 | $255.22B | −$2.14B | 65.5% | Harry TrumanDemocrat | Democrat | Democrat |
| 19501950-06-30 | $257.36B | +$4.59B | 78.6% | Harry TrumanDemocrat | Democrat | Democrat |
| 19491949-06-30 | $252.77B | +$478.11M | 77.5% | Harry TrumanDemocrat | Democrat | Democrat |
| 19481948-06-30 | $252.29B | −$5.99B | 82.6% | Harry TrumanDemocrat | Republican | Republican |
| 19471947-06-30 | $258.29B | −$11.14B | 93.9% | Harry TrumanDemocrat | Republican | Republican |
| 19461946-06-28 | $269.42B | +$10.74B | 106.1% | Harry TrumanDemocrat | Democrat | Democrat |
| 19451945-06-30 | $258.68B | +$57.68B | 103.9% | Harry TrumanDemocrat | Democrat | Democrat |
| 19441944-06-30 | $201.00B | +$64.31B | 86.4% | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19431943-06-30 | $136.70B | +$64.27B | 69.2% | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19421942-06-30 | $72.42B | +$23.46B | 45.9% | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19411941-06-30 | $48.96B | +$5.99B | 41.5% | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19401940-06-29 | $42.97B | +$2.53B | 43.6% | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19391939-06-30 | $40.44B | +$3.27B | Not available | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19381938-06-30 | $37.16B | +$740.13M | Not available | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19371937-06-30 | $36.42B | +$2.65B | Not available | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19361936-06-30 | $33.78B | +$5.08B | Not available | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19351935-06-29 | $28.70B | +$1.65B | Not available | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19341934-06-30 | $27.05B | +$4.51B | Not available | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19331933-06-30 | $22.54B | +$3.05B | Not available | Franklin D. RooseveltDemocrat | Democrat | Democrat |
| 19321932-06-30 | $19.49B | +$2.69B | Not available | Herbert HooverRepublican | Democrat | Republican |
| 19311931-06-30 | $16.80B | +$615.97M | Not available | Herbert HooverRepublican | Not yet organized | Republican |
| 19301930-06-30 | $16.19B | −$745.78M | Not available | Herbert HooverRepublican | Republican | Republican |
Important dates and comparisons
Fiscal year: the federal government’s budget year. The fiscal year ended June 30 through 1976, and September 30 starting in 1977. Some Treasury records use a nearby business day; each exact record date is shown. The gap from the 1976 record to the 1977 record is 15 months because of the change. The 1977 change shown includes that extra quarter. The daily October snapshot belongs to fiscal year 2027, not fiscal year 2026.
Change is not the deficit. This column subtracts one annual total-debt record from the next. Changes in Treasury’s cash balance and government-account holdings also affect debt. The 1930 change uses the 1929 record.
Two debt measures: Treasury supplies total debt. OMB supplies debt held by the public as a share of GDP, available here for 1940–2025. We do not substitute total debt into that ratio or fill missing years with zero. OMB and Treasury accounting coverage also differs, so their debt dollar totals need not match.
Who was in office? The president is the person serving on the date shown. House and Senate labels describe chamber control, including caucuses and tie-breaking arrangements, not simply which party won the most votes. The House had not yet organized in June 1931; Democrats organized it later that year. The Senate switched control during 2001; its September snapshot is Democratic. These snapshots do not describe every day of a fiscal year.
Why did debt rise or fall?
There is rarely one cause. Spending, taxes, interest, and the economy work together. These are major examples, not a claim that each event explains every dollar.
Wars and emergencies
The Civil War and world wars required heavy borrowing. More recently, the Afghanistan and Iraq wars and pandemic relief added costs.
Recessions
When people lose jobs and businesses earn less, tax collections can fall. Spending on help may rise. The 2008 financial crisis and recession are major examples.
Tax and spending laws
Tax cuts can reduce revenue. Spending increases can add costs. Their debt effects depend on the full law, the economy, and whether other changes pay for them.
After World War II, public-held debt became much smaller compared with the economy over several decades. In the late 1990s and early 2000s, budget surpluses helped reduce debt held by the public. That does not mean every measure of total debt fell.
Two common questions
Is borrowing always bad?
Borrowing can help pay for emergencies and investments that benefit people over many years. But the government must pay interest, and growing debt can make future choices harder. The purpose, cost, and ability to repay all matter.
Does raising the debt limit approve new spending?
No. The debt limit restricts borrowing to meet obligations the government has already made. Tax and spending laws are separate decisions. Raising the limit does not itself create a new spending program.
Sources & downloads
- Treasury: Historical Debt Outstanding — annual dollar figures and exact record dates.
- Treasury: Debt to the Penny — latest dated total and its two parts.
- OMB: FY2027 Historical Table 7.1 — actual public-held debt/GDP figures, 1940–2025; no forecasts used.
- House Historian: party divisions and Senate: party division — congressional control and historical exceptions.
- National Archives: presidential libraries — presidential history.
Annual figures (CSV) · Early milestones (CSV) · Data and checking notes
Related: Money by State · How Laws Are Made · How We Check Information