The U.S. Department of the Treasury announced that it added $104 billion to the total debt obligation in one day, resulting in a new record level for the national debt. The Treasury’s Debt to the Penny database indicates that the country’s debt amount is nearing approximately $36 trillion.
Increase in Debt Levels
By the end of July, the U.S. surpassed the $35 trillion threshold, bringing its debt to a record level. This development raises concerns over the country’s economic stability. A study by the Committee for a Responsible Federal Budget (CRFB) suggests that both presidential candidates will add trillions more to the national debt.
The CRFB noted that under Harris’s presidency, the debt could increase by $3.5 trillion within ten years, while under Trump, this figure could reach $7.75 trillion.
“Our estimates reflect a wide range of uncertainty that accounts for different interpretations of policies and various spending outcomes.”
A CRFB official added that the assessments include low and high-cost scenarios. The committee stated that these estimates reflect the anticipated fiscal impacts of policies outlined on the candidates’ campaign websites, official statements, and social media posts.
Conclusion
Currently, the national debt constitutes 99% of Gross Domestic Product (GDP) and is expected to reach 102% of GDP by the beginning of the fiscal year 2026 and 125% by the end of 2035. Under the current legal framework, the ratio of debt to the economy is anticipated to exceed the 106% record set in 1946 within three years. In both Harris and Trump’s plans, the debt will grow faster than the economy and continue to expand at higher rates under the existing framework.
