U.S. National Debt Nears $40 Trillion, About One-Quarter Accrued Under Trump
The gross national debt has approached $40 trillion, with roughly $11.5 trillion added during President Donald Trump's tenure, according to Treasury data.
The United States gross national debt has risen to just under $40 trillion, and Treasury Department figures show that about $11.5 trillion of that increase occurred while Donald Trump held the presidency. The debt grew from $19.9 trillion at the start of Trump’s first term in January 2017 to more than $39.9 trillion by mid-August 2026.
Federal spending has accelerated as the population ages, raising enrollment in Social Security and Medicare and widening budget deficits. Higher interest rates have also increased the cost of servicing the debt, which now exceeds $1 trillion annually.
During Trump’s first term, the debt rose by roughly $7.8 trillion, driven in part by the Tax Cuts and Jobs Act and extensive COVID-19 relief measures. The fiscal year 2020 recorded a deficit of over $3.1 trillion, the largest in U.S. history.
In the second term, the debt increased by about $3.7 trillion through August 2026, with additional entitlement spending, interest costs, tax cuts, and tariff refunds cited as contributors.
"Cleaning up Joe Biden's reckless fiscal mismanagement has been a top priority for the Trump administration, from slashing waste, fraud, and abuse in government spending to accelerating economic growth and getting America's debt-to-GDP ratio back on the right track," White House spokesman Kush Desai said.
The gross national debt figure includes obligations held in intragovernmental accounts such as the Social Security trust funds; the debt held by the public stands at over $32 trillion.