How We Got Here
Examining the historical trends and policy decisions that produced today's national debt, presidential administration by administration.
Begin the report
Debtor Nation
Total public debt outstanding
Why the National Debt Matters
The national debt’s real-world consequences on the economy, society, and future generations.
Read the chapter
Who Holds the Federal Debt
A breakdown of who owns the federal debt, including foreign holdings.
Read the chapter
Where the Money Is Spent
Federal spending across sectors — and how the budget has been reshaped over decades.
Read the chapter
Scaling the Budget
A guided 3D tour of Fiscal Year 2025 federal outlays, from a $100 million scale model to the full federal budget.
Read the chapter