US public debt exceeds 38,000 billion USD

US dollar. (Photo: AFP/VNA)

Amid the federal government shutdown, the US national debt officially surpassed the $38 trillion mark on October 22, according to the latest report from the US Treasury Department .

The report said this is also the fastest rate of accumulation of $1,000 billion in debt outside the COVID-19 pandemic period. Previously, the US only reached the $37,000 billion debt mark in August 2025.

The Joint Economic Committee of the US Congress estimates that the total national debt increased by $69,713.82 every second over the past year.

Kent Smetters, who served in the U.S. Treasury under President George W. Bush, said the growing debt burden over time will eventually lead to higher inflation, which will eventually erode consumer purchasing power, making it harder for future generations to achieve their goal of homeownership.

The Government Accountability Office (GAO) also outlined some of the impacts of rising government debt on Americans, including increased borrowing costs for home and auto loans, lower wages as businesses have less money to invest, and more expensive goods and services.

However, the Trump administration argues that its policies are helping to limit government spending and will narrow the country's massive budget deficit. A new analysis by Treasury officials shows that the US budget deficit will accumulate to $468 billion from April to September 2025. This is the lowest level since 2019, Treasury Secretary Scott Bessent said in a post on social media X on October 22.

White House spokesman Kush Desai also affirmed that in the first eight months of his term, President Trump has reduced the budget deficit by $350 billion compared to the same period in 2024 by cutting spending and increasing revenue. He added that the administration will act to ensure strong economic growth, lower inflation, increased revenue from tariffs, reduced borrowing costs and cut waste and fraud.

But hitting the $38 trillion debt milestone during the government shutdown is the latest worrying sign that lawmakers are failing to fulfill their basic fiscal duties, said Michael Peterson, president and CEO of the Peter G. Peterson Foundation.

Source: https://vtv.vn/no-cong-my-vuot-38000-ty-usd-100251023151816278.htm