U.S. National Debt Tops $38 Trillion Amid Shutdown

The U.S. gross national debt surpassed $38.02 trillion on Oct. 21 amid a federal government shutdown, marking the fastest $1 trillion increase outside the COVID-19 pandemic. Treasury daily reports show the jump from $37 trillion in August to $38 trillion in October, and the debt rose from about $34 trillion in January 2024 to $38 trillion by October 2025, equal to more than $110,000 per American. Analysts and budget experts warn accelerating debt and surging interest costs — roughly $4 trillion paid over the past decade and an estimated $14 trillion over the next ten years — will raise borrowing costs, risk higher inflation, crowd out private investment and strain future generations. The Congressional Budget Office projects roughly $88 trillion in federal spending versus about $65 trillion in revenue over the next decade, which would push deficits and debt higher as entitlement costs and interest expenses grow. The administration credits policy changes and higher revenue for recent deficit reductions, while fiscal experts and advocacy groups urge spending restraint and structural reforms; public figures including Michael Peterson have sounded alarms and Elon Musk has suggested transformative technologies like AI and robotics could avert a fiscal crisis.