The U.S. government’s outstanding debt has crossed $37 trillion for the first time, hitting roughly $37.08 trillion by 9 July, according to real-time figures from the online U.S. Debt Clock. The threshold was initially breached on 20 June, less than seven months after liabilities moved above $36 trillion. The rapid climb underscores a swift escalation in federal borrowing: total debt stood at $23 trillion in 2019 and $27.7 trillion in 2020. Since Congress lifted the debt ceiling in mid-June, Treasury borrowing has risen by about $410 billion in under a week and roughly $500 billion in three weeks, illustrating the urgency with which the government is financing its obligations. The burden now equals about 123% of U.S. gross domestic product. On a per-capita basis it amounts to roughly $108,000 for every American and $323,000 for each taxpayer, highlighting the scale of the obligations already accrued. Persistent fiscal shortfalls are driving the increase. The federal deficit for the first nine months of fiscal 2025 reached $1.337 trillion, while the rolling 12-month gap is about $1.9 trillion, or 6.4% of GDP. Interest costs alone are nearing $1 trillion a year, consuming close to a quarter of federal tax revenue and further constraining budget flexibility. Market observers warn the trajectory is accelerating. Contract-market forecasts from Kalshi suggest the national debt could exceed $40 trillion before year-end, while some projections put it above $51 trillion by 2032. The milestone has revived calls from lawmakers and business leaders, including Elon Musk, for deeper spending cuts and a long-term plan to stabilise public finances.