The national debt reached $113,000 per person in June, while the White House said spending cuts and growth measures will help improve the debt-to-GDP ratio.
U.S. national debt rose to a record $39.5 trillion in June, up 37% from pre-pandemic levels and equal to about $113,000 per person, according to USAFacts. All-In Podcast cohost Jason Calacanis used the milestone to accuse President Donald Trump of failing on his pledge to reduce federal borrowing, writing on X that Trump had become the worst-spending president in U.S. history. Calacanis said Trump added roughly $2.2 trillion to $2.3 trillion to the debt in each of his first two years and again in his second term. Data cited from Congress’ Joint Economic Committee shows the debt increased $2.25 trillion during the first year of President Trump’s second term and $3.16 trillion through July, though some of that borrowing may reflect funding approved before he took office. The White House pushed back, with spokesperson Kush Desai saying the administration has secured billions in discretionary spending savings by shrinking the federal workforce, cutting programs and pursuing other reforms, and that America’s debt-to-GDP ratio is set to improve as Trump’s agenda takes effect. The debate comes as interest costs alone reached $1.2 trillion last year, exceeding the total defense budget, and as economists warn that sustained deficits can raise borrowing costs for households and businesses over time.