By Ethan Faverino |
The United States’ gross national debt has climbed to more than $40.5 trillion, increasing by approximately $2.46 trillion over the past year as rising borrowing costs continue to place pressure on federal finances, according to the latest figures by the Joint Economic Committee (JEC).
The JEC’s November 6 Monthly Debt Update reported that total gross national debt reached $40.55 trillion as of November 4, 2026, representing an increase of $11.64 trillion over the past five years.
Of the total debt, approximately $32.77 trillion is held by the public, while another $7.79 trillion consists of intragovernmental debt, which represents money the federal government owes to its own accounts and trust funds.
According to the report, the national debt increased at an average rate of $6.75 billion per day over the past year, equivalent to approximately $281.45 million per hour, $4.69 million per minute, or $78,179 per second.
The increase amounts to approximately $7,190 per American and $18,241 per household over the past 12 months.
The JEC estimated that the total national debt now stands at approximately $118,587 per person and $300,840 per household.
If the average daily growth rate recorded over the past three years continues, the national debt would reach $41 trillion by around January 15, 2027, according to the JEC.
At that pace, the federal government would accumulate an additional $1 trillion in debt approximately every 160 days.
Beyond the growing debt balance, the report highlighted rising interest rates on federal borrowing, which have increased the cost of servicing the nation’s outstanding obligations.
As of October 2026, the average interest rate on marketable Treasury debt stood at 3.570%, compared to 3.393% one year earlier and 1.455% in October 2021.
According to the JEC, the federal government paid approximately $291.75 billion in interest to federal trust funds over the past 12 months, averaging $24.31 billion per month.
Meanwhile, the Congressional Budget Office (CBO) projects that net interest payments will account for an increasingly large share of total federal spending in the coming years.
Net interest is projected to represent 13.95% of federal outlays in fiscal year 2026, increasing to 14.25% in fiscal year 2027 and 14.94% in fiscal year 2028.
The report also examined the composition of outstanding Treasury securities, which the federal government uses to finance its borrowing.
As of October 2026, approximately $16.33 trillion, or 49.89%, of publicly held marketable Treasury debt consisted of Treasury notes, while $7.38 trillion, or 22.55%, was held in Treasury bills.
Another $5.55 trillion, or 16.95%, consisted of Treasury bonds, with the remaining $3.47 trillion held in other Treasury securities.
According to the report, approximately 33% of publicly held marketable Treasury debt was set to mature within 12 months as of the fourth quarter of fiscal year 2026.
The average maturity of outstanding marketable Treasury securities stood at 70 months in September 2026, compared to 71 months in September 2025 and 72 months in September 2021.
Despite the growing debt burden, Treasury auction figures continued to indicate demand for U.S. government securities.
As of October, the bid-to-cover ratio, which measures the amount of investor bids received relative to the securities offered at auction, stood at 2.56 for four-week Treasury bills, 2.53 for 10-year Treasury notes, and 2.39 for 30-year Treasury bonds.
The JEC’s latest figures highlight the continued growth of federal debt and the increasing portion of government spending directed toward interest payments, raising questions about the long-term sustainability of federal borrowing.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
