The U.S. Treasury debt has surpassed $30 trillion, doubling since 2018

The total sovereign debt issued by the U.S. Treasury has surpassed $30 trillion for the first time, more than doubling since 2018. Data released on Thursday showed that as of November, the U.S. government's outstanding Treasury bills, notes, and bonds totaled $30.2 trillion. This $30.2 trillion in debt is a major component of the total federal debt of the United States.

As of November, the national total debt of the United States reached $38.4 trillion, which includes obligations to the Social Security Trust Fund, savings bond holders, and others. According to data from the Securities Industry and Financial Markets Association, the U.S. financed $4.3 trillion through the issuance of these three types of government bonds in 2020, with that year's fiscal deficit exceeding $3 trillion. Although the deficit has since narrowed (falling to about $1.78 trillion in fiscal year 2025), interest payments on the debt alone amount to $1.2 trillion.

Citigroup interest rate strategist Jason Williams pointed out, "The biggest challenge is interest payments. Even if tariff revenues reach $300-400 billion, it is still far below the interest we pay on existing debt. We are like stuck in quicksand; tariffs may slow our sinking a bit, but we are still sinking." (Jin Shi)