Visualizing the Pace of U.S. Debt

What we're showing

This chart shows the level of U.S. national debt, as reported by the U.S. Treasury. Figures are as of Oct. 6, 2023.

Key takeaway

The pace of U.S. debt growth has been incredibly quick over the past decade, accelerating even further during the COVID-19 pandemic and after Russia's invasion of Ukraine.

Context

Here are some interesting facts about the national debt:

• The national debt translates to $99,842 per citizen, or $258,257 per taxpayer
• Interest payments could reach $663B for FY 2023, eating up 10% of the annual budget
• Several sources have reported that interest payments will also surpass defense spending

Flashback

Due to rampant government spending and political standoffs over the debt limit, Fitch Ratings downgraded the U.S. from "AAA" (the highest possible) to "AA+" in Aug. 2023.