December 2025 | Released December 05, 2025

+$2.23T
Change in gross national debt
Dec 03, 2024 to Dec 03, 2025

$284,914
Gross national debt per household
Dec 03, 2025

3.382 percent
Avg. int. rate on total marketable debt
Nov 2025

Growth of the national debt

• As of December 03, 2025, total gross national debt is $38.40 trillion.

  • Debt held by the public is $30.84 trillion.
  • Intragovernmental debt is $7.56 trillion.

• Relative to one year ago, total gross national debt is $2.23 trillion higher; relative to five years ago, it is $11.00 trillion higher.

• Over the past year, the rate of increase averaged $6.12 billion per day, $255.04 million per hour, $4.25 million per minute, or $70,843.42 per second.

• The increase in gross national debt over the past year amounts to $6,566.84 per person or $16,574.81 per household.

• Total gross national debt amounts to $112,881 per person or $284,914 per household.

• Assuming the average daily rate of growth over the past three years continues, the U.S. will reach $39 trillion by approximately March 06, 2026.

  • At that rate, an increase of another trillion dollars would be reached in approximately 157 days.

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 13.85 percent in FY2026, 14.11 percent in FY2027, and 14.52 percent in FY2028.

• As of November 2025, the average interest rate on the total marketable national debt is 3.382 percent. One year ago, it was 3.355 percent; five years ago, it was 1.583 percent.

• The total amount of interest paid to trust funds over the past 12 months was $255.71 billion, an average of $21.31 billion per month.

Composition of U.S. debt

• A bid-to-cover ratio of 2 or higher reflects strong Treasury demand. As of November 2025, the bid-to-cover ratio for Treasury bills (4-week) is 2.69, for notes (10-year) is 2.43, and for bonds (30-year) is 2.29.

• As of November 2025, of the $30.77 trillion of total public debt outstanding, $15.49 trillion (50.35 percent) is in notes, $6.72 trillion (21.85 percent) is in bills, and $5.19 trillion (16.86 percent) is in bonds. $3.37 trillion (10.95 percent) is in other securities.

• As of the most recent data from Q4 of FY2025, approximately 33 percent of U.S. publicly held marketable debt will be maturing within 12 months.

• As of the most recent data from September 2025, the average maturity is 71 months. In September 2024, it was 71 months; in September 2020, it was 63 months.

Upcoming releases

Date	Time	Release	Data source
Dec 11	08:30 AM	Monthly Trade Update, September 2025	Bureau of Economic Analysis
Dec 11	08:30 AM	State Employment Update, September 2025	Bureau of Labor Statistics
Dec 11	10:00 AM	Monthly Fiscal Update, November 2025	U.S. Treasury
Dec 16	08:30 AM	Monthly Employment Update, November 2025	Bureau of Labor Statistics
Dec 18	08:30 AM	Monthly Inflation Update, November 2025	Bureau of Labor Statistics
Dec 23	08:30 AM	Monthly GDP Update, Q3 2025 Initial Estimate	Bureau of Economic Analysis

Notes

Source: U.S. Treasury; JEC Republicans calculations