US adds $1 trillion to national debt in less than a year – Washington Examiner
The U.S. national debt has increased by $1 trillion in less than a year, reaching a record $37 trillion, according to the Treasury Department.This marks the highest deficit level in U.S. history, surpassing the previous records of $36 trillion in November 2024 and $35 trillion in July 2024. The rapid growth in debt is largely attributed to increased government spending, especially during the COVID-19 pandemic, which included over $5 trillion in financial relief measures such as the CARES Act and the American Rescue Plan.
The debt reached trillion years earlier than anticipated; prior estimates forecasted this level wouldn’t be reached until after fiscal year 2030. experts warn that the debt is increasing at an unsustainable pace-adding about $1 trillion every five months, more than twice the average rate over the past 25 years. Projections suggest that the national debt will soon approach 99% of the size of the U.S. Gross Domestic Product.
Additional legislation, like the recently passed One Big Gorgeous Bill Act, is expected to add trillions more to the debt within the next decade. Analysts emphasize that the surging debt surpasses the combined economies of the Eurozone and China, underscoring concerns about the U.S. fiscal trajectory.
US adds $1 trillion to national debt in less than a year
The Treasury Department reported on Tuesday that the U.S. national debt increased by $1 trillion in less than a year to a record level of $37 trillion.
It is reportedly the highest deficit level in the country’s history. The previous record was $36 trillion, set in November 2024, and the $35 trillion mark in July 2024. The current deficit total sits at $37,004,817,625,842.56 as of Tuesday afternoon, according to the Treasury Department.
The Treasury Department data show that the government continues to spend money at dangerously high levels. Even more concerning is that the debt hit the $37 trillion mark years before it was expected, at least based on pre-pandemic assessments.
Previously, it was estimated that the deficit would not surpass $37 trillion until after fiscal 2030, the Associated Press reported. However, this total was based on estimations by the Congressional Budget Office in January 2020, weeks before the COVID-19 pandemic began.
Government spending during the COVID-19 pandemic significantly increased the U.S. national debt. According to the Tax Policy Center, financial relief initiatives by the government cost over $5 trillion. This included the “Coronavirus Aid, Relief, and Economic Security Act of March 2020, with a total cost of $2.0 trillion; the Consolidated Appropriations Act of December 2020, with a cost of $868 billion; and the American Rescue Plan Act of March 2021, with a cost of $1.9 trillion.”
With the most recent data showing the debt surpassing $37 trillion this year, Fox Business projects that the U.S. national debt will “reach 99% of the size of the U.S. gross domestic product.” Moreover, with the passage of the One Big Beautiful Bill Act, the CBO estimated it would add $3.4 trillion to the national debt within the next ten years.
“We are now adding a trillion more to the national debt every 5 months,” said Michael Peterson, CEO of the Peter G. Peterson Foundation, a think tank dedicated to “putting America on a sustainable fiscal path.”
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“That’s more than twice as fast as the average rate over the last 25 years,” Peterson added.
“The national debt soaring past $37 trillion sends yet another clear message about America’s unsustainable fiscal path,” said Peterson. “Our national debt is now greater than the economies of the entire Eurozone and China, combined.”
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