The United States national debt has reached the highest level in the country's history, climbing to nearly $39.5 trillion in July 2026. So, what exactly is the national debt? Some economists warn that continually increasing debt could eventually lead to higher borrowing costs, slower economic growth, and reduced flexibility during future crises. No matter where you stand politically, one thing is clear: America's national debt has never been higher, and it will remain one of the biggest financial challenges facing the country in the years ahead. The United States is #1 in total national debt among all countries, holding over $39 trillion in overall government debt.