The U.S. Treasury's total sovereign debt has exceeded $30 trillion for the first time, more than doubling since 2018. As of November, the outstanding Treasury bills, notes, and bonds reached $30.2 trillion, forming the bulk of the U.S. federal debt, which totals $38.4 trillion. This includes obligations to Social Security Trust Funds and savings bondholders. In 2020, the U.S. raised $4.3 trillion through Treasury bond issuance, with a fiscal deficit surpassing $3 trillion. Although the deficit has narrowed to approximately $1.78 trillion in fiscal year 2025, interest payments have surged to $1.2 trillion. Citigroup's Jason Williams highlighted the challenge of managing interest expenses, noting that even significant tariff revenues fall short of covering these costs.