Federal Debt Since 1980, in Millions of Dollars
The sum of all outstanding debt owed by the federal government was over $35 trillion in Q3 2024, 3½ times the amount in 2008. ►
$350,000
$325,000
$30 Trillion
$300,000
Massive increases in federal debt were effectively subsidized - in terms of debt-servicing costs - since 2008 by the huge decline in interest rates through 2021 (mostly caused by Federal Reserve Bank actions). But soaring interest rates since 2022 have changed that equation going forward.
$275,000
$250,000
$225,000
Pandemic hits ▲
$20 Trillion
$200,000
▲ 2018 Tax cuts
$175,000
$150,000
$125,000
$10 Trillion
$100,000
2008 Financial ▲ markets crash
$75,000
$50,000
$25,000
Updated through Q3 2024
$0
Per Federal Reserve Bank of St. Louis: https://fred.stlouisfed.org/series/GFDEBTN . Data from sources deemed reliable but may contain errors and subject to revision. All numbers should be considered approximate. Not seasonally adjusted.
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