U.S. Treasury Sovereign Debt Surpasses $30 Trillion for First Time

Outstanding U.S. Treasury bills, notes, and bonds reached $30.2 trillion as of November, marking the first time sovereign debt issued by the Treasury Department exceeded $30 trillion, data released Thursday show. The figure has more than doubled since 2018 and represents the primary component of total federal debt, which stood at $38.4 trillion in November including obligations to Social Security trust funds and savings bond holders. The U.S. financed $4.3 trillion through issuance of these three debt categories in 2020 when the fiscal deficit exceeded $3 trillion, Securities Industry and Financial Markets Association data show. While the deficit has since narrowed to approximately $1.78 trillion for fiscal year 2025, debt interest payments alone reached $1.2 trillion. Citigroup interest rate strategist Jason Williams said "the biggest challenge is the interest expense," noting that even if tariff revenues reach $300-400 billion, they would remain far below interest payments on existing debt.