The United States’ national debt, often referred to as “why is the US in debt,” represents the total amount of money that the federal government owes to individuals, businesses, and other countries. As of February 2023, the national debt exceeds $31 trillion, a figure that has been steadily increasing for decades.
The national debt has several causes, including budget deficits, tax cuts, and increased government spending. When the government spends more money than it collects in revenue, it must borrow the difference from external sources.