As of August 5th, 2024, gross national debt is $35.06 trillion.
Debt held by the public is $27.95 trillion.
Intergovernmental debt is $7.11 trillion.
Relative to one year ago, total gross national debt is $2.45 trillion higher; relative to five years ago, gross national debt is $12.74 trillion higher.
Over the past year, the rate of increase averaged $6.73 billion per day, $280.21 million per hour, $4.67 million per minute, and
$77,837 per second.
The increase in gross national debt over the past year amounts to $7,309 per person, or $18,625 per household. Total debt per person amounts to $104,681 per person, or $266,744 per household.
Assuming the average daily rate of growth over the past three years continues, the U.S. will reach $36 trillion by approximately January 8th,
2025.
At the same rate, an increase of another trillion dollars would be reached in approximately 165 days.
Interest Rate on U.S. Debt
The average interest rate on the debt has risen notably since 2021, substantially increasing the proportion of outlays that must go to service the national debt.
Net interest as a share of outlays is forecast by CBO to be 13.11% in FY2024, and 14.56% in FY2025.
As of July 2024, the average interest rate on the national debt is 3.391%. One year ago, the average interest rate on the national debt was 2.873%. Five years ago, it was 2.492%.
The total amount of interest paid to the trust funds was $235.81 billion over the past 12 months, or an average of $19.65 billion per month.
Composition of U.S. Debt
U.S. public debt in the form of Treasury securities is primarily made up of bills (4-52 weeks), notes (2-10 years), and bonds (20-30 years). Others include Treasury Inflation Protected Securities, Cash Management Bills, and Floating Rate Notes.
A bid-to-cover ratio of 2 or higher reflects strong treasury demand.
As of the most recent data, the bid-to-cover ratio for Treasury bills (4-week) is 2.8, for Treasury notes (10-year) is 2.56, and for Treasury bonds (30-year) is 2.4.
As of July 2024, of the total public debt outstanding ($27.93 trillion), Treasury bills make up 21.18% (or $5.91 trillion).
Treasury notes make up 50.92% ($14.22 trillion),
and bonds make up 16.56% ($4.63 trillion). Other securities make up the remaining share, 11.35% ($3.17 trillion).
According to the Treasury Borrowing Advisory Committee's most recently released Quarterly Refunding documents, approximately 33% of U.S. publicly held marketable debt will be maturing in the next 12 months.
The average maturity of U.S. debt as of December 2023 is 71 months. One year ago, the average maturity was 74 months, and five years ago it was 69 months.
