In the midst of a federal government shutdown, the U.S. government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet.

The mounting level of US debt risks a “reckoning” for the economy if the pace of growth doesn’t improve, according to the chief executive of Goldman Sachs Group Inc.

America’s debt has grown rapidly over the last decade as the population ages and enrollment in Social Security and Medicare rises.

Promising tax cuts without offsetting spending cuts is politically painless so long as constituents believe they “pay for themselves.”

The U.S. government’s gross national debt surpassed $38 trillion on Wednesday—just two months after it reached $37 trillion—which comes as the government continues to navigate the federal shutdown.

Despite the Trump administration’s focus on cost cutting and the additional revenue coming from tariffs, the deficit is as large as it was a year ago.

Back-to-back rate cuts by the Fed could mean this is the best environment for many borrowers to refinance their car loans.

U.S. debt hits $38 trillion, adding $500 billion this month alone — $114,000 per American. The total debt now equals 324% of GDP. Federal debt is $37.5 trillion. Household debt is $20.5 trillion. Corporate debt tops $42 trillion.

As the federal government shutdown drags on, the U.S. national debt has reached a historic milestone — surpassing $38 trillion

Top 10 countries with the highest debt-to-GDP in October 2025 list: The United States, the world’s largest economy, ranks 8th with a debt-to-GDP ratio of 125 per cent, while China (96.3 per cent) and India (81.

Verijet is over $38.7 million in debt and all operations and flights are cancelled, according to reports from Forbes. The airline filed for Chapter 7 bankruptcy, meaning the company will be liquidated. Verijet launched in 2020 during the COVID-19 pandemic.