U.S. federal debt held by the public topped $32.4 trillion by September 30, exceeding the $32.2 trillion in economic output over the four quarters ending in the third quarter of 2026.

Meanwhile, total national debt passed $40 trillion in August, up from about $5.7 trillion at the start of the century and $36.2 trillion at the start of Trump’s second presidential term.

The two measures differ: debt held by the public covers federal obligations to outside entities such as banks, state and local governments, and foreign countries, while total debt also includes obligations to government funds and institutions; the latter exceeded $40.5 trillion.

Even so, the public-debt-to-GDP ratio for fiscal 2026 came in below 100.1%, under the Congressional Budget Office’s February forecast of 101%.

Looking ahead, the Congressional Budget Office projects that ratio will climb to 120% by 2036, above the previous historical peak of 106% in 1946.

The Congressional Budget Office estimates that the One Big Beautiful Bill Act, signed by Trump in July 2025, will add $4.7 trillion to national debt by 2035; the law also raised the statutory debt limit from $36 trillion to $41 trillion.