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The U.S. national debt has surpassed $40 trillion, reaching a historic milestone in August 2026. The increase has occurred under multiple presidents, but President Donald Trump has overseen significant increases during both of his terms in office.

So, exactly how much has the national debt grown under President Trump?

The answer depends on whether you’re looking at Trump’s first term, his current second term, or the entire period since he first entered the White House in 2017.

The National Debt Has Passed $40 Trillion

According to U.S. Treasury data, the nation’s gross federal debt reached approximately $40.047 trillion on August 18, 2026. That is the highest level ever recorded.

For perspective, the national debt was approximately $36.22 trillion when Trump returned to the White House in January 2025. Treasury data show total debt of about $36.22 trillion around the beginning of Trump’s second term.

That means the gross national debt has increased by roughly:

$40.05 trillion − $36.22 trillion = $3.83 trillion

Since Trump began his second term, the national debt has therefore grown by approximately $3.8 trillion, or about 10.6%.

How Much Did Trump Add During His First Term?

Trump’s first presidency ran from January 2017 through January 2021.

When Trump took office in January 2017, the national debt stood at approximately $19.94 trillion.

By the time Joe Biden took office in January 2021, it had reached approximately $27.78 trillion.

That represents an increase of about $7.84 trillion, or roughly 39%.

A significant portion of that increase occurred during the COVID-19 pandemic, when Congress approved enormous emergency spending programs designed to support households, businesses and the economy.

The Committee for a Responsible Federal Budget has estimated that roughly $8.4 trillion of gross federal debt accumulated during Trump’s first term, depending on the methodology and dates used.

What About Trump’s Second Term?

Trump returned to the White House on January 20, 2025.

At approximately $36.22 trillion, the national debt was already at a historically high level.

By August 2026, it had crossed $40 trillion.

That represents an increase of approximately $3.8 trillion in Trump’s second term so far.

National Debt Under Trump at a Glance

Period	Approximate Debt	Increase
Trump takes office, 2017	$19.94 trillion	—
Trump leaves office, 2021	$27.78 trillion	+$7.84 trillion
Trump returns to office, 2025	$36.22 trillion	+$8.44 trillion since 2021
August 2026	$40.05 trillion	+$3.83 trillion since Jan. 2025

Figures are rounded. National debt changes every day.

Why Has the National Debt Continued to Grow?

The national debt increases when the federal government runs budget deficits.

A budget deficit occurs when the government spends more money than it collects in taxes and other revenue. The government then borrows to make up the difference, adding to the national debt. The Treasury describes the national debt as the accumulated borrowing of the federal government.

Several major categories contribute to today’s deficits.

Social Security and Medicare

Social Security and Medicare represent two of the government’s largest spending programs.

As the U.S. population ages, spending on these programs has continued to grow. Without significant changes to taxes, benefits or eligibility, these programs are expected to remain major contributors to long-term federal spending.

Interest on the Debt

One of the fastest-growing costs is interest on the national debt.

As the government borrows more money—and as interest rates remain elevated—the cost of servicing existing debt increases.

Recent reporting indicates that annual interest costs are approaching $1.2 trillion, making interest one of the largest expenses in the federal budget.

This creates a difficult cycle: the government borrows money to cover deficits, and then must spend additional money paying interest on previous borrowing.

Defense Spending

Defense spending is another major component of federal expenditures.

Recent increases in defense costs have added pressure to the federal budget, particularly as the United States has become involved in additional military operations.

Tax Policy and Government Spending

Tax policy also plays an important role.

Reducing taxes can leave households and businesses with more money to spend or invest, potentially supporting economic growth. However, if tax reductions are not accompanied by sufficient spending reductions or additional economic growth, they can contribute to larger federal deficits.

At the same time, spending programs approved by Congress can increase federal borrowing.

Did Trump Cause All of the Debt Increase?

No.

This is an important distinction when discussing the national debt.

The debt accumulated during a president’s time in office cannot automatically be attributed entirely to that president’s policies.

Presidents propose budgets, sign legislation and influence fiscal policy, but Congress controls federal taxation and spending through legislation.

There is also a significant time lag between when policies are enacted and when their full budgetary effects appear.

The enormous increase in debt during Trump’s first term was also heavily influenced by the COVID-19 pandemic and the emergency spending response.

The national debt has continued increasing under presidents of both political parties.

For example, the debt increased from approximately $27.78 trillion when Biden took office in January 2021 to $36.22 trillion when Trump returned in January 2025—an increase of roughly $8.44 trillion.

That means today’s $40 trillion debt is the result of years of accumulated deficits, rather than the actions of a single administration.

The $40 Trillion Milestone

The significance of the $40 trillion milestone goes beyond the headline number.

The Treasury’s debt consists of both debt held by the public and intragovernmental holdings. As of early August 2026, approximately $32.1 trillion was held by the public, while about $7.7 trillion represented intragovernmental debt.

Reuters reported that the debt had reached more than $40 trillion by August 2026, with debt held by the public exceeding $32 trillion.

The federal government’s debt is now roughly comparable to the size of the entire U.S. economy when measured against GDP, making the debt-to-GDP ratio an increasingly important measure of America’s fiscal position.

What Happens Next?

The Congressional Budget Office has warned that federal deficits are expected to remain large for years to come. Its 2026 long-term budget outlook projects continued substantial deficits and rising federal debt.

The challenge is that reducing the national debt generally requires some combination of:

• Lower government spending
• Higher tax revenue
• Faster economic growth
• Changes to major entitlement programs
• Lower interest costs
• Or some combination of all of these

None of those options is politically or economically simple.

The Bottom Line

So, how much has the national debt grown under President Trump?

The answer depends on which Trump presidency you mean.

During Trump’s first term, gross federal debt increased by roughly $7.8 trillion, from about $19.94 trillion to $27.78 trillion.

Since Trump returned to office in January 2025, the debt has increased by approximately $3.8 trillion, rising from about $36.22 trillion to more than $40 trillion in August 2026.

Looking at Trump’s entire period in office across both terms, the national debt has increased by roughly $20 trillion from the $19.94 trillion level when he first became president in 2017. However, that figure should not be interpreted as debt caused exclusively by Trump, because the increase spans administrations, congressional actions, economic conditions and extraordinary events such as the COVID-19 pandemic.

The bigger story is that America’s national debt has continued climbing regardless of which party controls the White House. With the debt now above $40 trillion and annual interest costs approaching $1.2 trillion, the country’s long-term fiscal outlook is becoming increasingly important for taxpayers, investors and future generations.

Frequently Asked Questions

How much debt did Trump add during his first term?
The national debt increased by approximately $7.8 trillion between Trump’s inauguration in 2017 and the beginning of Biden’s presidency in 2021.

How much has Trump added to the debt during his second term?
The national debt has increased by approximately $3.8 trillion since Trump returned to office in January 2025, reaching more than $40 trillion in August 2026.

When did the U.S. national debt reach $40 trillion?
The national debt surpassed $40 trillion in August 2026, reaching approximately $40.047 trillion on August 18 according to Treasury data reported at the time.

Who is responsible for the national debt?
No single president is responsible for the entire national debt. Federal borrowing reflects legislation passed by Congress, presidential policies, economic conditions, interest costs and spending and tax decisions accumulated over many years.

Does the national debt ever go down?
Yes. The debt can decline on individual days or over short periods, but sustained reductions require the federal government to run budget surpluses, meaning it collects more revenue than it spends.

Where can I track the national debt?
The U.S. Treasury publishes daily information through its Debt to the Penny database, allowing anyone to track changes in the federal debt