Borrowing costs spike as US national debt hits $40trillion: Fresh jitters on bond markets despite Trump intervention

The gross national debt of the United States has surpassed $40 trillion for the first time, currently standing at approximately $40.05 trillion, according to Treasury Department data. This figure is more than double the $19.95 trillion recorded when Donald Trump took office in January 2017. The debt increase under Trump's two terms combined totals about $11.6 trillion, with $7.8 trillion added during his first term and $3.84 trillion since his return to office in January 2025.

In comparison, Joe Biden's four-year tenure added about $8.4 trillion, Barack Obama's eight-year term added approximately $9.3 trillion, and George W. Bush's eight-year presidency added roughly $4.9 trillion. The $40 trillion figure represents total public debt outstanding, which includes $32.27 trillion in debt held by investors and about $7.78 trillion in intragovernmental holdings, such as Treasury securities held by federal trust funds.

Interest costs alone have reached nearly $1.2 trillion during fiscal year 2026, making it one of the government's largest spending categories. Experts attribute these increases to a combination of factors including recessions, wars, emergencies, and interest costs, rather than the actions of a single administration.