U.S. debt hawks frequently warn that while the nation’s $40 trillion national debt is managed by policymakers, it is ultimately financed by the public. Congress’s Joint Economic Committee (JEC) has put a figure on that burden: Gross national debt now amounts to $117,279 per person.
In its monthly budget update, the committee calculated how fast public debt is growing: According to data compiled by the committee’s chairman, David Schweikert, debt has increased by $85,111.72 per second over the past year.
The JEC reported that gross national debt is $2.67 trillion higher relative to the same period last year, and $11.68 trillion greater than five years ago. If the current average daily rate of growth over the past three years continues, the report adds, the U.S. will hit $41 trillion in debt by mid-January. After that, an increase of another trillion dollars would be hit after 151 days—approximately June 2027.
On a more granular breakdown, the rate of debt growth averages around $7.35 billion a day, the report adds, or $306.4 million per hour, or $5.11 million per minute.
This, in turn, has consequences for the breakdown per person for the U.S. debt: the JEC reports it is now $117,279 per person or $297,522 per household—an increase in the past year amounting to $7,806 per individual and a little under $20,000 per household.
Debt experts point out that while Americans won’t receive a bill for these sums, the debt is still being financed by the public. This is a point Michael Peterson, the chairman and CEO of the Peterson Foundation, a nonpartisan organization dedicated to putting the U.S. on a more sustainable fiscal path, has previously highlighted to Fortune.
Speaking when debt surpassed $40 trillion last month, Peterson said: “When the U.S. borrows this much—and continues to borrow more and more—that drives up interest rates, which then increases household expenses because your mortgage goes up, your car loan, your credit card bills, and inflation more generally.
“So [we] may not get a bill at the end of the month for national debt, but [we] are paying that bill both in the form of taxes as well as an inflated level of expenses.”
Debt bulls argue that, despite the large sums, the value of debt isn’t the issue for the world’s largest economy. Their case is reasonable: Firstly, despite years of warnings, there has yet to be a market meltdown sparked by debt. Warning signs of a crisis would come from the Treasury market, where—although longer-dated yields are elevated—analysts suggest this is due to factors outside of debt concerns.
Interest breakdown
The U.S. Treasury isn’t immune to the sting that comes with borrowing: Interest.
Despite efforts from the Treasury in recent weeks to stabilize Treasuries in the form of buybacks, the level of interest it is paying remains elevated compared to a year ago.
The JEC notes that in August 2026, the average interest rate on the total marketable national debt was 3.475%, and a year ago it was 3.415%. Five years ago, the interest was 1.458%.
“Interest rates have a significant impact on how much the U.S. pays on debt,” the JEC update adds. “The total amount of interest paid to trust funds over the past 12 months was $294.76 billion, an average of $24.56 billion per month.”