According to U.S. Treasury and Commerce Department data, the United States’ federal debt held by the public has surpassed its annual economic output as of late April 2026, marking the first time since World War II that the debt-to-GDP ratio exceeded 100%. Public debt stood at approximately $31.27 trillion, while nominal GDP for the 12 months ending March 31 was estimated at $31.22 trillion, placing the ratio at about 100.2%. Total gross national debt, including intragovernmental obligations, has climbed to roughly $39 trillion.
Interest payments on the debt are straining the federal budget, now accounting for about 14% of all federal spending. In the first half of fiscal 2026, interest payments reached $529 billion, surpassing defense spending of $461 billion during the same period. The Congressional Budget Office projects debt held by the public will rise to 120% of GDP by 2036 if current spending and revenue patterns persist.
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