United States's General Government Debt (% of GDP), 1990-2022

The United States maintained relatively stable debt levels throughout the 1990s, with debt-to-GDP ratios ranging from 62.2% in 1990 to 53.2% by 2000. However, increased defense and security spending post-9/11, combined with tax cuts, led to rising debt in the early 2000s. The 2008 financial crisis accelerated this increase, with debt climbing from 64.6% in 2007 to 86.6% in 2009 as the U.S. implemented stimulus measures.

Debt surpassed 100% of GDP in 2012 and remained high through the following decade, reflecting continuous government borrowing. The COVID-19 pandemic exacerbated this trend, with debt peaking at 133.5% in 2020 due to substantial stimulus packages. As economic recovery took hold, debt decreased slightly to 121.4% by 2022, though fiscal challenges persist due to high expenditure levels.