As the US federal government continues to borrow at a record pace, the US national debt has reached a new high.

The latest data released by the US Treasury Department shows that the US national debt has surpassed $37 trillion, the first time ever to do so.

The data shows that as of Tuesday afternoon, the total US national debt had reached $370,048,176,258,425.6.

For comparison, the US national debt surpassed $36 trillion in November of last year, surpassed $35 trillion in July of last year, and 40 years ago, the US national debt was around $907 billion.

The US national debt reached $37 trillion several years earlier than predicted before the COVID-19 pandemic. In January 2020, the Congressional Budget Office (CBO) predicted that the federal debt would exceed $37 trillion after fiscal year 2030.

The Joint Economic Committee (JEC) of the U.S. Congress estimates that at the current average daily rate of increase, the debt will increase by another $1 trillion in approximately 173 days.

With total U.S. debt exceeding $37 trillion, total debt held by the public is projected to reach 99% of U.S. GDP this year. This metric, preferred by economists, excludes debt held in intergovernmental accounts such as the Social Security trust fund.

“No one in Washington can be proud of reaching this milestone—our fiscal situation is seriously out of balance, and yet Congress continues to make it worse,” said Maya McGinnis, president of the Committee for a Responsible Federal Budget (CRFB). “Even when measured as a share of the economy, we are heading for record levels, and interest payments alone are on track to reach $1 trillion. We need to act quickly and confront the reality of unsustainable debt before a fiscal emergency forces our hand.”

“The surge of the national debt to over $37 trillion is another clear demonstration that the United States’ fiscal path is unsustainable,” said Michael Peterson, CEO of the Peter G. Peterson Foundation, which advocates for fiscal sustainability.

Peterson continued, "While today's milestone is unfortunate, it's not too late to act. We should reform the budget before the damage gets worse. Policymakers have many well-known ways to stabilize our debt and lay a more solid path forward for the next generation."

The outlook is grim, as U.S. debt is expected to swell further in the coming years, while stubbornly high interest rates are exacerbating the debt crisis.

Last month, Congress passed and President Trump signed a massive tax cut and spending bill, the so-called "Big, Beautiful" bill. The bill authorized more government spending and, according to the Congressional Budget Office, will add $4.1 trillion to the national debt over the next decade.

Trump has recently frequently criticized Federal Reserve Chairman Powell, accusing the Fed of being too slow to cut interest rates, leaving the U.S. government with more interest costs. He said that if the Fed cut its benchmark rate by 3 percentage points, the U.S. could save $1 trillion a year.