The U.S. national debt increased by approximately $2.25 trillion during President Donald Trump's first year back in office, according to calculations by the Peter G. Peterson Foundation. This figure, shared exclusively with Fortune, covers the period from the close of trading on Jan. 17, 2025, to the end of day on Jan. 15, 2026, closely mirroring Trump's first year after his inauguration.

The rapid accumulation of debt, bringing the total to $38.4 trillion as of Jan. 9, has triggered concerns from budget watchdogs and financial analysts who view the country's fiscal trajectory as a growing economic vulnerability. Congressman David Schweikert's Daily Debt Monitor estimates the national debt has been growing at a rate of $71,884.09 per second over the past year.

This surge in U.S. debt occurs against a backdrop of global economic uncertainty and rising debt levels in many nations. The International Monetary Fund (IMF) has repeatedly cautioned about the risks associated with high levels of government debt worldwide, particularly in the wake of increased spending during and after the COVID-19 pandemic. Many developed economies, including those in Europe and Japan, are grappling with similar challenges of aging populations, slowing economic growth, and the need for increased social spending, all of which contribute to rising debt burdens.

The U.S. national debt is comprised of public debt, which is held by individuals, corporations, and foreign governments, and intragovernmental holdings, which are primarily held in government trust funds, such as Social Security. The growth in debt can be attributed to a combination of factors, including government spending exceeding revenue, tax cuts, and economic downturns that reduce tax receipts.

The Peterson Foundation, a non-partisan organization focused on fiscal responsibility, has long advocated for policies to address the national debt. Their analysis highlights the potential consequences of unchecked debt growth, including higher interest rates, reduced investment in critical areas like infrastructure and education, and a diminished ability to respond to future economic crises.

The increase in the U.S. national debt under President Trump's administration is likely to fuel further debate about fiscal policy and the long-term sustainability of government spending. The issue is expected to remain a central focus of political discourse, both domestically and internationally, as policymakers grapple with the challenges of balancing economic growth with fiscal responsibility. The implications of U.S. debt levels are felt globally, given the dollar's role as the world's reserve currency and the interconnectedness of international financial markets.