The U.S. national debt hit a new $35 trillion landmark, just halfway into 2024.

Since January, the U.S. debt pile has expanded by $1 trillion alone, moving the debt-to-GDP ratio to 98%. By 2032, the International Monetary Fund projects that this ratio could surpass 140% under current policies. Despite the looming threat to U.S. fiscal sustainability, neither Republican or Democratic parties show political incentive to address the rapid pace of borrowing.

This graphic shows the ballooning U.S. national debt, based on figures from the U.S. Department of the Treasury’s Fiscal Data website.

A New Milestone is Reached

Today, the U.S. national debt is equal to the GDP of China, Japan, Germany, India, and the United Kingdom combined.

Since 2020, the U.S. has added $11.8 trillion to its national debt, accounting for more than one-third of the current total. For perspective, government debt stood at $9.2 trillion in 2008 and in 1981, it crossed the $1 trillion mark for the first time.

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