The National Debt surpassed $39 trillion this week, joining a growing list of trillion-dollar milestones that have come at an exponential rate. And while the rate at which the debt grows ebbs and flows with the political climate, the past year of growth is unlike anything the U.S. has seen in recent history, with the debt rising by roughly $1 trillion every five months.
The national debt, which began at $75 million in 1791 to fund the Revolutionary War, has seen recent spikes, including during the COVID-19 pandemic, the wars in Afghanistan and Iraq, and the 2008 Great Recession.
However, the most recent rates are causing concern.
Recent trillion-dollar milestones
Most recently, the national debt jumped by $1 trillion in five months. It hit $38 trillion in October 2025 and rose to $39 trillion on Tuesday.
The latest jump comes after months of a year’s worth of trillion-dollar jumps. According to the U.S. debt clock, the last few times the debt has jumped $1 trillion, it’s been in just a matter of months.
It took just 72 days for the debt to go from $37 trillion to $38 trillion, and 116 days to go from $35 trillion to $36 trillion.
The only other time the national debt accumulated $1 trillion this fast was during the COVID-19 pandemic, according to PBS.
All these spikes contribute to the national debt growing by around $3 trillion in the last year.
What causes spikes in the national debt?
What causes spikes in the national debt can be explained in two ways: simply, and with a bit more depth. A surface-level explanation is that the debt rises when the government spends more money than it earns.
When looking for specifics, poor budgeting, unexpected disasters, health crises and unexpected military operations can all play a role.
This specific spike, according to the Government Accountability Office, has three main causes: an increase in debt interest, a rise in Social Security and Medicare payments, and unexpected health crises, natural disasters, and military conflicts — for example, the war in Iran.
What economists are saying
Michael Peterson, CEO and chairman of the Michael G. Peterson Foundation, called the growth rate “alarming” and “unsustainable,” saying that the debt will hit $40 trillion before the fall elections.
“We must recognize this alarming rate of growth and the significant financial burden we are putting on the next generation,” Peterson said.
He noted that interest payments on the debt will also reach a record high of $1 trillion, “becoming the fastest growing ‘program,’ in the federal budget.”
“Nine in 10 Americans are worried that the rising debt is driving up the cost of living and contributing to higher borrowing costs,” Peterson said.
What this means for Americans
The Government Accountability Office details how a growing national debt can affect Americans, saying it leads to higher borrowing costs, stagnant wages, and more expensive goods and services.
This higher borrowing, when endured long-term, can force Americans to make fiscal trade-offs. And rising debt puts pressure on inflation and interest rates, Peterson’s foundation said.
“Whether it’s their car loans or grocery bills, Americans are rightly concerned about inflation, and the growing federal deficit is only making things worse,” Peterson said. “The good news is that there are many solutions available, and they all should be put on the table for discussion during this campaign season,” Peterson added.