US Federal Debt Hits Record $39.5 Trillion, GAO Projects 106% of GDP by 2029

According to Treasury Debt to the Penny database, US federal debt has reached a record $39.5 trillion, up approximately $3.2 trillion over the past 12 months. Since 2020, the total increase stands at $16.3 trillion, averaging $209 billion monthly.

The U.S. Government Accountability Office (GAO) warned last month that under current spending and revenue policies, debt held by the public will reach 106% of gross domestic product (GDP) by 2029 and grow to 251% of GDP by 2056. The GAO cited serious economic, national security, and societal challenges from the federal government's unsustainable fiscal trajectory.