$59,361 per second: How fast America’s debt is really growing

The U.S. national debt has exceeded $37 trillion, raising fears that the country’s sea of red ink is rising faster than expected. Here’s what you need to know about the national debt milestone:

The $37 trillion milestone

Treasury Department reports new debt record:

• U.S. national debt exceeded $37 trillion mark this week
• New mark reported by Treasury Department
• Raises fears country’s red ink rising faster than expected
• Sparks debate about whether Trump ameliorating or accelerating problem

The accelerated timeline

Debt milestone reached years ahead of projections:

• Congressional Budget Office January 2020 outlook estimated gross debt wouldn’t exceed $37 trillion until after fiscal 2030
• COVID-19 pandemic prompted aggressive government stimulus spending
• Spending occurred under first Trump administration and Biden presidency
• Current timeline shows debt growing much faster than anticipated

The Big Beautiful Bill impact

Trump’s signature legislation adds trillions to debt:

• Trump and GOP allies passed “One Big Beautiful Bill Act” this year
• Projected to add more than $4 trillion to debt over next 10 years
• “Thanks to the One Big Beautiful Bill Act, the debt just officially passed the $37 trillion mark”
• Rep. Thomas Massie of Kentucky wrote on X

The Republican opposition

Two House Republicans voted against debt-increasing bill:

• Massie was one of only two House Republicans to vote against bill in July
• Other House Republicans supported legislation despite debt impact
• Bill passed despite concerns about fiscal impact
• Opposition came from deficit-conscious Republicans

The administration’s defense

Trump allies argue debt projections discount economic growth:

• Trump and allies say debt projections discount potential economic boom from bill
• Bill extended tax cuts, increased border and military spending
• Established new eligibility requirements on Medicaid recipients
• Administration argues economic growth will offset debt increases

The tariff revenue argument

Trump says trade policies will fill budget holes:

• President says aggressive tariff policies will fill budget holes
• Tariff revenue totaled nearly $130 billion this year
• More than double what U.S. customs collected at this point last year
• Administration ramped up levies on dozens of countries

The tariff criticism

Critics say consumers bear tariff costs:

• U.S. importers and consumers bear the cost according to critics
• Revenue still represents tax on Americans
• Critics fear tariffs will drag on economic growth
• Trump declaring victory despite concerns

Trump’s tariff victory claim

President dismisses concerns on social media:

• “It has been proven, that even at this late stage, Tariffs have not caused Inflation”
• Claims tariffs caused no “other problems for America”
• Says tariffs bring “massive amounts of CASH pouring into our Treasury’s coffers”
• Trump wrote Monday on Truth Social

The debt growth rate

Fiscal monitors highlight alarming acceleration:

• Debt growing by $59,361.77 per second according to congressional monitor
• Hitting trillion-dollar milestones at fast clip
• Gross U.S. debt reached $34 trillion in January 2024
• Hit $35 trillion in July 2024 and $36 trillion in November 2024

The fiscal watchdog warnings

Budget experts call debt level wake-up call:

• “Spending and revenue are woefully out of balance”
• Maya MacGuineas, Committee for a Responsible Federal Budget president
• Imbalance “to the tune of nearly $2 trillion annually and rising”
• “Instead of addressing this imbalance, Congress keeps choosing to make things worse”

The interest cost burden

Debt service now second-largest budget item:

• Country on track to spend $1 trillion this year on interest costs alone
• “Interest is now the second-largest item in the budget”
• “Surpassing the entire defense budget as well as Medicare”
• MacGuineas provided interest cost analysis

The global comparison

Peterson Foundation CEO provides international context:

• Michael Peterson said U.S. debt now greater than economies of 20-country Eurozone and China combined
• Peter G. Peterson Foundation CEO made comparison
• Highlights massive scale of American debt burden
• Puts debt level in global economic perspective

The long-term sustainability

Government Accountability Office warns of unsustainable trajectory:

• GAO says debt unsustainable over long term
• Could have real-world impacts like higher borrowing costs
• May lead to trickle-down problems including stagnant wages and higher prices
• Agency warns of broader economic consequences

The Republican criticism

South Carolina congresswoman highlights generational burden:

• “BREAKING: National debt just hit $37 TRILLION. Not just a number but a bill our kids can’t afford to pay”
• Rep. Nancy Mace, South Carolina Republican running for governor, wrote on X
• Fellow users posted “community note” faulting her for supporting Trump bill
• Note pointed out bill expected to add to debt

Read more:

• U.S. debt surpasses $37 trillion, woefully out of balance