Oct 16, 2023
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.