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Tuesday September 30, 2025 
compiled by Christopher Chantrill

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Debt and Deficit Facts

Right now the Gross Federal Debt is $37,499,704,495,767.33.

At the end of FY 2024 the debt was $35.23 trillion, or 119.8% GDP.
The previous highest federal debt in US history was 119.0% GDP in 1946 just after World War II.

At the end of FY 2024 the federal deficit was $1,831 billion, or 6.2% GDP.
The highest federal deficit in US history was 29.0% GDP in 1943 in World War II.

a usgovernmentdebt.us briefing:

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US Agency Debt History

A Half Century of Agency Debt

Not all the debt of the Government of the United States counts in the official total of the federal debt kept by the Department of the Treasury. This additional debt, typically the bonds of government-sponsored agencies (GSEs) like the Federal National Mortgage Association and the Federal Home Loan Board, has grown to be a substantial part of government-sponsored debt in the post World War II era.

Federal Agency Debt 1945-2020

Chart 4.21: Federal Agency Debt 1945-2020

Agency debt started the immediate post World War II era at a level of debt less than 0.5 percent of GDP and didn’t hit 1 percent of GDP till 1957.

But then agency debt began an exponential rise, with debt hitting 2 percent of GDP in 1965, blowing past 5 percent of GDP in 1973, reaching 10 percent of GDP in 1981.

Agency debt blew past 20 percent of GDP in 1988, exceeded 30 percent of GDP in 1995, and hit 40 percent of GDP in 1999, and agency debt peaked at 52 percent of GDP in 2003 at the end of the 2000-02 recession.

In the 2000s expansion agency debt declined to 46.7 percent of GDP by 2006, but then blew off in the Crash of 2008, peaking at 56.1 percent of GDP in the Great Recession year of 2009.

After the Crash of 2008 agency debt decreased rapidly to 46.6 percent of GDP by 2012 and then began a more gradual decline to 45 percent of GDP by 2018. In the COVID crisis year of 2020 agency debt increased to 48.2 percent of GDP.

Agency Debt Compared to US Treasury Debt

Agency Debt vs. Treasury Debt

Chart 4.22: Agency Debt vs. Treasury Debt

At the end of World War II, the gross public debt issued by the US Treasury hit 114 percent of GDP. The agency debt, at agencies like the Federal National Mortgage Association, was a tiny 0.38 percent of GDP.

By 1980 the Treasury Debt had been brought down to 32 percent of GDP, but the agency debt had increased to nearly 10 percent of GDP.

After 1980 Treasury debt began a sustained increase, during the Reagan defense buildup, reaching nearly 54 percent of GDP in 1990. Agency debt increased rapidly too, reaching nearly 24 percent of GDP in 1990. The increase extended into the 1990s, with Treasury debt peaking at 64 percent of GDP and agency debt exceeding 30 percent of GDP in 1995.

In the late 1990s the Treasury debt declined, down to 54 percent of GDP by 2001. But agency debt kept on climbing, hitting 50 percent of GDP in 2002. By the peak of the 2000s expansion in 2006 Treasury debt had increased to 61 percent of GDP to fight the war in Iraq, while agency debt had declined to 47 percent of GDP.

Then came the Great Recession and the Crash of 2008. By 2014 Treasury debt had increased to 102 percent of GDP. Agency debt, now mainly Fannie Mae and Freddie Mac bonds in receivership, peaked at 56 percent of GDP in 2009, and then declined to 45 percent of GDP by 2018.

In the COVID crisis year of 2020 Treasury debt increased to 128 percent GDP, while agency debt increased to 48 percent of GDP.

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email: chrischantrill@gmail.com

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Check STATE debt: CA NY TX FL and compare.

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Debt Data Sources

Debt data is from official government sources.

Gross Domestic Product data comes from US Bureau of Economic Analysis and measuringworth.com.

Detailed table of debt data sources here.

Federal debt data begins in 1792.

State and local debt data begins in 1820.

State and local debt data for individual states begins in 1957.

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Gross Federal Debt

Debt Now:  $37,499,704,495,767.33
Debt 2/2020:$23,409,959,150,243.63

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Data Sources for 2025:

GDP, GO: GDP, GO Sources
Federal: Fed. Budget: Hist. Tables 3.2, 5.1, 7.1
State and Local: State and Local Gov. Finances
'Guesstimated' by projecting the latest change in reported spending forward to future years

> data sources for other years
> data update schedule.

Blog

State and Local Finances for 2023

On September 11, 2025 we updated the state and local spending and revenue for FY 2023 using the new Census Bureau State and Local Government Finances summaries for FY 2023 released on July 31, 2025.  (See also Annual Survey of State and Local Government Finances). The release includes state and local spending for the United States as a whole and the 50 individual states and the District of Columbia.

State and local spending and revenue for FY2023 are now actual historical spending as reported by the Census Bureau. In addition, the Census Bureau published updated tables for 2021 and 2022.

We have updated the "guesstimated" state and local finances for FY2024-30 as indicated in our "guesstimate" blog entries.

We have also updated data for individual local government units with data for 2023. 

Beginning in 2022 the Census Bureau has changed the value for Line 56 Direct Expenditure and Line 7 General Revenue from own sources, as follows:

We have decided to end our publication of non-insurance trust cash and security holdings.

However, to keep the time series at usgovernmentspending.com consistent, we have decided to add insurance-trust values back into Line 56 and Line 7 values. 

State Spending for 2023
In March 2025 the US Census Bureau released data on state finances for FY 2023 here and  ...

Agency Debt Update for 2024
On June 24, 2025, usgovernmentspending.com updated its data for agency debt from the Federal Reserve Board database. Data is now available for the period 1945-2024. You can see our Agency Debt page ...

> blog

Budget News

President’s FY 2025 Budget Release Scheduled for March 11
Although the FY 2024 appropriations process is not yet resolved

Biden to Release Budget March 9
will press McCarthy On Default Risk - Bloomberg

Biden to Release 2023 Budget Request on March 28
how the administration expects to spend money for priorities including aid to Ukraine and the continuing effort to fight the coronavirus pandemic, as well as legislative proposals such as increased funding for community policing programs, cancer research, and mental health education.

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