Asger Risom
America’s national debt has officially crossed $39 trillion, with more than $1 trillion added in roughly 200 days as economists warn borrowing is outpacing economic growth.
The U.S. national debt has officially crossed the $39 trillion mark, underscoring the pace at which Washington’s borrowing burden continues to grow as concerns mount over long-term fiscal stability, Fortune reports.
According to updated Treasury Department figures, total national debt reached more than $39 trillion on May 18, just over 200 days after the U.S. first crossed the $38 trillion threshold in October 2025.
Borrowing surge
Treasury data shows more than $1 trillion has been added to the debt since October 23, equivalent to roughly $5 billion in new borrowing every day.
The debt briefly surpassed $39 trillion in March before dipping below the milestone again for several weeks. It has now climbed back above the threshold as government borrowing continues to outpace economic growth.
The figures come as economists and fiscal watchdogs increasingly focus on the U.S. debt-to-GDP ratio, which currently sits near 123%, meaning total federal debt now exceeds the size of the entire American economy.
Fiscal pressure
Analysts and budget groups have warned that persistent deficits above 6% of GDP are pushing the country further away from proposals aimed at limiting annual deficits to roughly 3% of GDP.
According to estimates cited in the report, reaching that target by 2036 would require approximately $10 trillion in deficit reduction over the next decade.
Bridgewater Associates founder Ray Dalio has repeatedly warned that rising debt servicing costs could eventually crowd out government spending elsewhere, while JPMorgan Chase CEO Jamie Dimon recently argued that pressure from bond markets may ultimately force policymakers into action.
Interest payments on federal debt are now approaching levels comparable to combined government spending on education and the military.
Trump’s view
President Donald Trump has argued the debt picture should be viewed differently, comparing the U.S. balance sheet to that of a heavily asset-backed real estate business.
In an interview with Fortune, Trump pointed to the value of American land and natural resources, including assets like the Grand Canyon and surrounding waters, suggesting the country remains “way under-levered” relative to its total wealth.
Fiscal watchdogs remain unconvinced. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, warned that markets “will only tolerate our unsustainable borrowing for so long.”
Despite the concerns, U.S. Treasuries continue to be viewed globally as one of the safest financial assets, though rising long-term bond yields have renewed debate over whether investors are beginning to demand higher premiums for holding American debt.
Sources: Fortune, U.S. Treasury, Committee for a Responsible Federal Budget
