WASHINGTON, DC – Today, the Joint Economic Committee released the following update on the national debt during fiscal year 2025 following the Daily Treasury Statement released by the U.S. Treasury.

Key background:

• Total debt increased by $2.17 trillion to $37.64 trillion in FY2025:
• Debt held by the public increased by $1.97 trillion to $30.28 trillion.
• Intragovernmental debt increased by $202.4 billion to $7.36 trillion.
• On average, total debt increased $5.95 billion per day, $248 million per hour, $4.13 million per minute, or $68,902 per second.

As of the end of FY2025, total public debt is equal to 122.6 percent of GDP and debt held by the public equal to 115.5 percent of GDP, based on Q3 2025 GDP projections in CBO’s September 2025 economic outlook.

“Our current level of deficit spending, growing $68,902 every second, is unsustainable,” said Chairman Schweikert. “We’re getting dangerously close to the point where most of our federal budget will go toward paying interest on the debt. In fact, it’s already the second-largest expense we have. That should be a wake-up call. This kind of spending threatens our economy and puts the financial future of our children and grandchildren at risk. I’m asking my colleagues to look at the numbers, focus on the fiscal reality, and work with me to start making responsible changes that will get our debt under control and restore economic stability.”

“America’s growing national debt is unsustainable and a threat to our future prosperity. This is not an accident or an abstract statistic; it’s the direct result of Washington’s refusal to balance the budget and live within its means. It’s far past time to roll up our sleeves, rise to the challenge, and finally make the changes necessary to reduce wasteful spending and get the debt under control. Our future generations depend on it,” said Vice Chairman Senator Schmitt.

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For more information on our current debt situation, please see Chairman Schweikert’s Daily Debt Monitor.