The national debt of the United States is the total national debt owed by the federal government of the United States to treasury security holders. At any given point in time, the U.S. national debt is the cumulative face value of all outstanding treasury securities that have been issued by the U.S. Department of Treasury and American federal agencies. It does not generally include unfunded or future obligations. The U.S. has the largest external debt in the world alongside the world's largest economy (GDP). The ratio of debt to GDP oscillates as economic growth, inflation, or public finances change. The nation's debt-to-GDP has historically increased during armed conflicts, pandemics, and economic recessions and then subsequently declines. The U.S. Treasury publishes a daily total of the national debt, which as of June 2026 was $39.28 trillion, and exceeds the total Gross Domestic Product (GDP) of the United States of America.