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Spending Analyses:
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United States Debt Clock
Headline federal, state, local, and total US government debt.
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US Agency Debt is debt issued by federal agencies but not included in Gross Federal Debt.
Federal Debt Clock
Today the Federal Debt is about $37,492,636,705,736.22.
The amount is the gross outstanding debt issued by the United States Department of the Treasury since 1790 and reported here.
But, it doesn’t include state and local debt.
And, it doesn’t include so-called “agency debt.”
And, it doesn’t include the so-called unfunded liabilities of entitlement programs like Social Security and Medicare.
Federal Debt per person is about $114,902.
Total US Government Debt in 2025
Chart C.01t: Recent US Government Debt
At the end of FY 2025 the total government debt in the United States, including federal, state, and local, is expected to be $40.58 trillion.
Get more information about Total Debt here.
Total Federal Government Debt in 2025
Chart C.01f: Recent US Federal Debt
At the end of FY 2025 the gross US federal government debt is estimated to be $37.1 trillion, according to the FY25 Federal Budget. Of this gross amount, debt “Held by the Public: Other” is estimated by usgovernmentspending.com at $25.03 trillion, debt “Held by the Public: Federal Reserve System” (i.e. monetized debt) is estimated by usgovernmentspending.com at $4.95 trillion and debt “Held by Federal Government Accounts” is estimated at $7.11 trillion.
Here is the gross federal debt by year for the last decade:
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Click for federal debt from 1960 to present.
Get more information about Federal Debt here.
Total Federal Agency Debt in 2025
Chart C.01a: Recent Federal Agency Debt
At the end of FY 2025 the federal agency debt in the United States is “guesstimated” to be $12.59 trillion.
Agency debt is debt issued by federal agencies and government-sponsored enterprises, and is not included in the total gross debt of the federal government.
Get more information about Agency Debt here.
Total State Government Debt in 2025
Chart C.01s: Recent State Government Debt
At the end of FY 2025 the state government debt in the United States is expected to be $1.13 trillion.
Get more information about State Government Debt here.
Total Local Government Debt in 2025
Chart C.01l: Recent Local Government Debt
At the end of FY 2025 the local government debt in the United States is expected to be $2.36 trillion.
Get more information about Local Government Debt here.
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US BUDGET overview and pie chart.
Find NATIONAL DEBT today.
See FEDERAL BUDGET breakdown and estimated vs. actual.
Check STATE debt: CA NY TX FL and compare.
See DEBT ANALYSIS briefing.
See DEBT HISTORY briefing.
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Debt Data Sources
Debt data is from official government sources.
- Federal debt data since 1962 comes from the president’s budget.
- Federal debt for 1940-1961 comes from the president’s budget.
- Federal debt for 1914-1939 comes from the
US Treasury
and St. Louis Fed.
- Federal debt before 1914 comes from the
US Treasury
- All other debt data comes from the US Census Bureau.
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: | $37,492,636,705,736.22 | Debt 2/2020: | $23,409,959,150,243.63 |
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.
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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.
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.
In March 2025 the US Census Bureau released data on state finances for FY 2023 here and ...
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
