The government hit the debt ceiling back in January which blocked any net new debt from being created from January to June. Once the debt ceiling was lifted, the government wasted no time in catching up for all the months where borrowing was frozen. Over the last 7 months, the government borrowed an incredible $2.28T!
Note: Non-Marketable consists almost entirely of debt the government owes to itself (e.g., debt owed to Social Security or public retirement)
January was a very small month, but the chart below shows that $2.3T was borrowed for all of 2025. This follows $2.6T and $2.2T in 2023 and 2024. Needless to say, there seems to be a new standard of $2T+ annual borrowing. This will likely mean adding $10T every 4 years at current rates. More than likely that is going to accelerate going forward.
Hellbound and Down 