What was the total U.S. national debt at the end of FY 2024 and how has it changed into 2025?

1. Two different “debts” — why numbers differ

Observers routinely cite two different figures: gross (total) federal debt that includes intragovernmental holdings (like trust funds) and debt held by the public (market debt owned by outside investors). The Government Accountability Office’s audit cites total federal debt at $35.5 trillion as of Sept. 30, 2024 (gross debt) ^[1]. By contrast, analysts and think tanks frequently focus on debt held by the public, which the American Action Forum put at $28.3 trillion at the end of FY 2024 and the Peterson/CRFB and PGPF estimate DHBP near $29 trillion — a $2 trillion year‑over‑year rise from 2023 ^{[2] [3] [7]}. Always check which series a source is using before comparing figures ^{[1] [2] [3]}.

2. What happened in FY 2024 that pushed debt higher

FY 2024 recorded a large budget deficit — roughly $1.8 trillion per multiple agencies and watchdogs — driven by higher spending, timing shifts in receipts and payments, and substantially higher interest costs; net interest spending rose sharply, making interest one of the largest budget items in FY 2024 ^{[8] [9] [1]}. GAO and CBO note higher interest and spending on mandatory programs as key contributors to the debt rise ^{[1] [9]}.

3. Where the debt stood by late 2024 vs. 2025 developments

GAO’s audited figure puts total federal debt at $35.5 trillion on Sept. 30, 2024 ^[1]. By calendar 2025, Treasury data and multiple trackers show gross national debt climbing into the high-$37 to $38 trillion range — for example, CRFB and the Joint Economic Committee reported the gross debt surpassing $38 trillion in 2025 and JEC updates showed debt increasing about $2.18 trillion year‑over‑year into Nov. 2025 ^{[4] [5] [6]}. These 2025 increases reflect continued large deficits in FY 2025 and borrowing around the debt‑limit standoffs ^{[10] [11]}.

4. Short-term drivers in 2025: deficits, interest, and the debt limit

Multiple groups documented that FY 2025 again produced near‑$1.7–$1.8 trillion deficits, while interest costs remained a fast‑rising share of spending; those deficits and elevated interest rates drove gross debt upward through 2025 ^{[12] [10]}. The debt limit and Treasury cash-management choices also affected short‑term debt dynamics in 2025, as Congress and Treasury used extraordinary measures and later legislative adjustments to extend the limit ^[11].

5. Competing framings and implicit agendas in the coverage

Nonpartisan auditors (GAO) report the audited totals and warn about fiscal trends and bookkeeping weaknesses ^{[1] [13]}. Budget‑watch groups (CRFB, PGPF, JEC) emphasize the policy implications — some focus on urgency to reduce deficits and debt‑to‑GDP ratios (CRFB/PGPF), while Congressional Republicans’ JEC materials stress the fiscal danger to press for policy changes ^{[5] [4] [3]}. Each group selects metrics that best suit its policy message: GAO highlights total federal liabilities and internal control issues ^{[1] [13]}; economists often spotlight debt held by the public as the most meaningful economic measure ^[3].

6. How to read these figures going forward

To track the “true” movement: ^[14] note whether a source cites gross federal debt or debt held by the public, ^[15] compare end‑of‑fiscal‑year snapshots (GAO/Treasury) for audited totals, and ^[16] watch rolling monthly Treasury statements and CBO updates for FY‑to‑FY and intra‑year changes. The sources used here show FY 2024 gross federal debt ≈ $35.5 trillion (GAO) and debt held by the public ≈ $28.3–$29.0 trillion, with debt continuing to rise into 2025 toward ~$38 trillion gross according to Treasury/analysts ^{[1] [2] [3] [4]}.

Limitations: available sources do not mention a single, universally used “end‑of‑FY 2024” dollar that applies across all debt concepts — you must pick gross vs. public‑held series when quoting ^{[1] [2] [3]}.