The US national debt of over $36 trillion is primarily owed to a mix of domestic investors, US government agencies, the Federal Reserve, and foreign entities. Roughly 75% is held domestically (individuals, banks, pension funds) or by the government itself, while about 25% ($8–$9 trillion) is held by foreign nations, with Japan and China being the largest foreign holders.
The U.S. national debt is owed to two main groups: domestic investors (like individuals, banks, the Federal Reserve, and government trust funds) who hold the majority of it, and foreign investors (governments and private entities), primarily from Japan, China, the UK, and other countries, who purchase U.S. Treasury securities. Intragovernmental holdings, such as Social Security funds investing in Treasury bonds, also form a significant portion, essentially the government owing itself.
Over the 12 months from the close of trading on Jan. 17, 2025, to the end of day Jan. 15, 2026, the federal government added approximately $2.25 trillion to the national debt, according to calculations shared exclusively with Fortune by the Peter G. Peterson Foundation.
Top 20 Countries that Owe the US Money
It's highly unlikely the U.S. will ever fully "pay off" its national debt, as governments manage debt by rolling it over, issuing new bonds to pay old ones, and relying on economic growth (GDP) to keep debt manageable relative to revenue, but the growing debt load requires continuous management through budget adjustments, spending cuts, tax increases, or economic expansion to avoid financial instability, notes. The U.S. can borrow in its own currency and maintain its status as a safe asset, but excessive debt risks future economic problems if interest rates rise or investor confidence wanes, say the Brookings Institution and The University of Sydney.
The United States has the largest total government debt by dollar amount, exceeding $38 trillion, followed by China and Japan. However, when debt is measured as a percentage of the country's economic output (GDP), Japan often leads among developed nations (around 230% of GDP), while countries like Sudan have even higher ratios (over 250% of GDP) due to extreme economic challenges.
1837: Andrew Jackson
This resulted in a huge government surplus of funds. (In 1835, the $17.9 million budget surplus was greater than the total government expenses for that year.) By January of 1835, for the first and only time, all of the government's interest-bearing debt was paid off.
The economy is growing at about the same pace as it did in Obama's last years, and unemployment, while lower under Trump, has continued a trend that began in 2011." Nominal wages, consumer and business confidence, and manufacturing job creation (initially) compared favorably, while government debt, trade deficits, and ...
Federal Reserve data shows that about 23% of Americans have no debt.
Consequently, China's stake in U.S. debt has more of a binding than a dividing effect on bilateral relations between the two countries. Even if China wished to “call in” its loans, the use of credit as a coercive measure is complicated and often heavily constrained.
As the world's biggest gambling hub, Macao SAR has zero debt, bolstered by billions in gaming revenue and healthy financial reserves. Liechtenstein ranks in second, with virtually no debt and the only country in Europe ranking in the top 10.
If your debt ratio does not exceed 30%, the banks will find it excellent. Your ratio shows that if you manage your daily expenses well, you should be able to pay off your debts without worry or penalty. A debt ratio between 30% and 36% is also considered good.
There are two major categories for federal debt: debt held by the public and intragovernmental holdings. The debt held by the public has increased by 126% since 2015. Intragovernmental holdings increased by 46% since 2015.
There is no IRS forgiveness plan officially introduced by Trump in 2025. While some campaign proposals have discussed tax simplification or reduced rates, they do not include debt cancellation for individuals with unpaid taxes.
🚨USA's national debt is sitting at $36 Trillion, every person in America would need to pay $106k to pay off the debt. America's growing debt is the result of simple math — each year, there is a mismatch between spending and revenues.
1 United States 21,764,799 2 Euro area 18,075,643 3 United Kingdom 9,837,535 4 France 7,368,685 5 Norway 7,110,029 6 Germany 6,6,91,139 7 Japan 4,687,815 8 Netherlands 4,197,719 9 Luxembourg 3,965,300 10 Italy 2,749,75 https://www.ceicdata. com/en/indicator/norway/external-debt--of-nominal- gdp https://www.gfmag.com/ ...
Bush 'borrowed' $1.37 trillion of Social Security surplus revenue to pay for his tax cuts for the rich and his war in Iraq and never paid it back”.