The US national debt has surpassed the size of the economy for the first time since the aftermath of World War II, according to new data from the Bureau of Economic Analysis. As of March 31, total debt held by the public reached $31.27 trillion, while nominal GDP stood at $31.22 trillion, pushing the debt-to-GDP ratio to 100.2 percent.
The previous record of 106 percent was set in 1946 during demobilisation. The debt was at 99.5 percent of GDP at the end of the 2025 fiscal year in September, highlighting a rapid increase. The nonpartisan Congressional Budget Office warned in February that if current trends continue, the post-war record could be broken by 2030, with debt projected to reach 108 percent of GDP.
The CBO also cautioned that debt held by the public could hit 120 percent of GDP within a decade, threatening to slow economic growth and deter private investment. The US government currently spends $1.33 for every dollar collected in revenue, with a projected budget deficit of $1.9 trillion this year.
President Donald Trump dismissed concerns, citing record employment and investment. However, public anxiety remains high, with Trump's approval rating at just 34 percent in a recent Reuters/Ipsos poll. Maya MacGuineas, president of the Committee for a Responsible Federal Budget, described the borrowing as a result of a “total bipartisan abdication of making hard choices” and warned of rising debt eroding prosperity and risking a fiscal crisis.
