- US debt is nearing $39 trillion, adding $1 trillion every 148 days with no slowdown in deficits.
- Real obligations may be near $100 trillion when Social Security and Medicare liabilities are included.
- CFA Society UK warns government-backed crypto could risk US state credit.
The US national debt stands at around $38.92 trillion, according to Treasury data, and is heading towards a record $39 trillion. Moreover, the system is adding $1 trillion roughly every 148 days. In February 2026 alone, the government ran a deficit of $307.5 billion.
Revenue Up but Expenditure High
Revenue is rising, but not enough. The government collected $313.12 billion in February, up 5.6% year-over-year. Total revenue for the fiscal year reached $1.89 trillion, up 10.8%.
Tariffs played a major role in revenue, with customs duties bringing in $151 billion so far, up 294% from last year. Monthly tariff income peaked near $30 billion but dropped to $26.6 billion in February. However, legal risks now threaten this income stream.
On the other hand, spending remains the core issue. February spending hit $620.62 billion, up 2.8% year-over-year, and total spending reached $3.1 trillion in five months, up 2%.
Even with reported “cuts,” total spending continues to rise in absolute terms. The US spent over $7 trillion in 2025, averaging $583 billion per month.
It is also important to note that the government paid $93.48 billion in interest in February alone, while net interest was $79 billion.
Total interest spending reached $520 billion in the first five months of fiscal 2026, up 8.8% year-over-year. This is already higher than defense spending ($412 billion) and Medicare ($478 billion) over the same period. Only Social Security is higher at $678 billion.
For full-year 2025, interest costs hit $1.2 trillion, up 7.3% from the previous year. Around 14% of all federal spending now goes to interest payments.
$39T is Not Real
The official debt figure of nearly $39 trillion does not include future obligations. Economist Kent Smetters estimates total US obligations at closer to $100 trillion when Social Security and Medicare are included.
According to reports, these are classified as “implicit liabilities” and are not counted in official debt figures. Implicit obligations are estimated to be roughly twice the size of explicit debt.
Under corporate-style accounting, the US debt-to-GDP ratio would be closer to 300%, not the reported 100%. The Treasury’s own long-term report estimates a $73.2 trillion unfunded gap over 75 years, driven by entitlement programs.
What This Means For Crypto
The debt path limits policy choices. The government can raise taxes, cut spending, default, or reduce debt through inflation. Historically, inflation is the most used path.
Inflation weakens fiat purchasing power, which supports demand for fixed-supply assets like Bitcoin.
At the same time, policymakers have started discussing crypto-linked solutions. One idea is to tokenize government debt or issue state-backed digital assets to absorb liabilities.
According to the CFA Society UK, “government-backed crypto, wrapped in patriotic or tech utopia branding,” could be the next move under Donald Trump to erase the debt. However, they warned that this move could put state credit at risk.
Related: Trump Calls for Emergency Rate Cuts as Crypto Market Awaits Fed Move
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Source: https://coinedition.com/the-us-national-debt-has-surpassed-38-trillion-whats-next-for-crypto/
