US federal debt reached a record $40.6 trillion in October with a Debt-to-GDP ratio of 123%, the highest since 2020, amid accelerating monthly deficits.
Macro & Markets ·
US federal debt reached $40.6 trillion in October following a $422 billion monthly increase, with the Debt-to-GDP ratio climbing to 123%, the highest level since 2020. Over the four months from July through October, federal debt expanded by $1.2 trillion at an average monthly pace of $300 billion. The Treasury borrowed a record $839 billion through bill and note auctions last week, exceeding the prior record of $834 billion from the same period in 2025, with the majority directed toward repaying maturing securities.