The U.S. government's gross national debt crossed $39 trillion around March 17 to March 18, according to Treasury data tracked by the Committee for a Responsible Federal Budget. The Congressional Budget Office projects a $1.9 trillion deficit in fiscal 2026, climbing to $3.1 trillion by 2036. Senator Cynthia Lummis has proposed the BITCOIN Act (S. 954), directing the Treasury to acquire up to 1 million bitcoin over five years as a long-term hedge, though no official purchases have been confirmed. CRFB president Maya MacGuineas warned the debt trajectory is unsustainable, with some analysts projecting $40 trillion as soon as September 2026. The fiscal backdrop has intensified debate over alternative reserve assets amid record deficit projections.
US Gross National Debt Crosses $39 Trillion
Around March 17 to March 18, the U.S. gross national debt surpassed $39 trillion, according to Treasury data. The Committee for a Responsible Federal Budget confirmed the milestone, noting the prior $38 trillion mark had been reached in October. On March 20, House Budget Committee Chairman Jodey Arrington stated, "America is now $39,000,000,000,000 in debt, yes, $39 trillion." By May 8, the U.S. Debt Clock displayed $39.3 trillion.
Debt Held by Public Exceeds US GDP
On May 2, NPR reported that debt held by the public topped U.S. GDP for the first time since just after World War II outside the pandemic period. The Committee for a Responsible Federal Budget estimated this measure at over $31 trillion at the time. The Congressional Budget Office's February outlook projected cumulative borrowing would push public debt to $56 trillion, or 120% of GDP, by 2036.
Sen. Lummis Proposes BITCOIN Act for 1 Million BTC Acquisition
Senator Cynthia Lummis introduced the BITCOIN Act (S. 954), which would direct the Treasury to acquire up to 1 million bitcoin over five years and hold it for at least 20 years. On June 16, Lummis stated her modeled position could reduce the national debt by one-third to one-half. In a June interview, she said she expects the Treasury to start acquiring Bitcoin before the end of 2026, citing support from Treasury Secretary Scott Bessent. Lummis also reaffirmed a $500,000 price target for Bitcoin this decade. No official move to begin purchases has been confirmed.
IMF Projects Global Debt at 100% of World GDP by 2029
In April, the International Monetary Fund projected global public debt could approach 100% of world GDP by 2029. Bitcoin traded around $73,863.54 on April 15 as the warning circulated in markets. The macro concern extends beyond U.S. fiscal policy, with analysts noting the broader shift in sovereign debt dynamics.
FAQ
What did the U.S. gross national debt reach around March 17 to March 18?
The U.S. gross national debt crossed $39 trillion around March 17 to March 18, according to Treasury data tracked by the Committee for a Responsible Federal Budget.
What does Sen. Lummis's BITCOIN Act propose?
The BITCOIN Act (S. 954) would direct the Treasury to acquire up to 1 million bitcoin over five years and hold it for at least 20 years. Senator Lummis stated on June 16 that her modeled position could reduce the national debt by one-third to one-half, though no official purchases have been confirmed.
When did debt held by the public exceed U.S. GDP?
On May 2, NPR reported that debt held by the public topped U.S. GDP for the first time since just after World War II outside the pandemic period.
