According to Fiscal Data of the US Treasury, the national debt stands at a record high of $35.96 trillion as of 20th Nov 2024. Interest expense in 2024 fiscal year (ending on 31st Oct) was $1.16 trillion, and expected to climb to 1.4 trillion in 2025, equal to 28% of federal revenue in 2024. In the fiscal year 2024, the federal government collected $4.92 trillion in revenue, spent $6.75 trillion, resulting in a deficit of $1.83 trillion in an alarming increase for 3 consecutive years. In overall, the Biden-Harris Administration in fiscal years 2021-2024 has overspent a total of $7.68 trillion with further accumulating in its outgoing months.
