05/01/2026
Federal debt now tops 100% of gross domestic product, a potent symbol of the gathering fiscal stresses on the U.S. that have been building for decades. It's on the way toward breaking the record set in the wake of World War II.
As of March 31, the country’s publicly held debt was $31.265 trillion, while GDP over the preceding year was $31.216 trillion, according to data released Thursday. That puts the ratio at 100.2%, compared with 99.5% when the last fiscal year ended Sept. 30.
That figure will likely climb for the foreseeable future because the federal government is running historically large annual deficits of nearly 6% of GDP, which add to the debt.
The government is spending $1.33 for every dollar it collects in revenue, and the budget deficit this year is projected at $1.9 trillion. That is little changed from 2025 as Republicans’ tax cuts kick in before their spending cuts take effect.
The final tally will depend on Iran war spending, tariff refunds and the strength of the economy.
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