July 2025 | Released July 08, 2025


+$1.37T
Change in gross national debt
Jul 03, 2024 to Jul 03, 2025
$273,914
Gross national debt per household
Jul 03, 2025
3.375 percent
Avg. int. rate on total marketable debt
Jun 2025


Growth of the national debt






Interest rate on U.S. debt


U.S. public debt in the form of Treasury securities is primarily made up of bills (4-52 weeks), notes (2-10 years), and bonds (20-30 years). Others include Treasury Inflation Protected Securities, Cash Management Bills, and Floating Rate Notes.

  • Net interest as a share of outlays is forecast by the Congressional Budget Office to be 13.55 percent in FY2025, 13.85 percent in FY2026, and 14.11 percent in FY2027.

  • As of June 2025, the average interest rate on the total marketable national debt is 3.375 percent. One year ago, it was 3.344 percent; five years ago, it was 1.753 percent.

  • The total amount of interest paid to trust funds over the past 12 months was $235.07 billion, an average of $19.59 billion per month.




Composition of U.S. debt


  • A bid-to-cover ratio of 2 or higher reflects strong Treasury demand. As of June 2025, the bid-to-cover ratio for Treasury bills (4-week) is 3.26, for notes (10-year) is 2.60, and for bonds (30-year) is 2.31.

  • As of June 2025, of the $28.95 trillion of total public debt outstanding, $15.07 trillion (52.04 percent) is in notes, $5.78 trillion (19.98 percent) is in bills, and $5.03 trillion (17.38 percent) is in bonds. $3.07 trillion (10.60 percent) is in other securities.

  • As of the most recent data from Q2 of FY2025, approximately 32 percent of U.S. publicly held marketable debt will be maturing within 12 months.

  • As of the most recent data from March 2025, the average maturity is 71 months. In March 2024, it was 70 months; in March 2020, it was 69 months.




Upcoming releases


Date Time Release Data source
Jul 14 10:00 AM Monthly Fiscal Update, June 2025 U.S. Treasury
Jul 15 08:30 AM Monthly Inflation Update, June 2025 Bureau of Labor Statistics
Jul 18 10:00 AM State Employment Update, June 2025 Bureau of Labor Statistics
Jul 30 08:30 AM Monthly GDP Update, Q2 2025 Advance Estimate Bureau of Economic Analysis
Jul 31 08:30 AM Monthly Expenditures Update, June 2025 Bureau of Economic Analysis
Aug 01 08:30 AM Monthly Employment Update, July 2025 Bureau of Labor Statistics
Aug 05 08:30 AM Monthly Trade Update, June 2025 Bureau of Economic Analysis
Aug 07 10:00 AM Monthly Debt Update, August 2025 U.S. Treasury


Notes


Source: U.S. Treasury; JEC Republicans calculations