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Fortune

Eleanor Pringle

In Trump’s year of cost-cutting and efficiency, national debt soars past $37 trillion

Donald Trump National Debt Kush Desai United States White House Fortune America White House

US President Donald Trump in the Oval Office of the White House in Washington, DC, US, on Wednesday, Aug. 6, 2025. (Credit: Bonnie Cash—UPI/Bloomberg/Getty Images)

U.S. national debt has topped $37 trillion, drawing warnings from economists and business leaders. President Trump’s plan to repay the debt centers on tariffs, cost-cutting, and growth programs. Critics argue the impact is likely to be minimal. Meanwhile, White House deputy press secretary Kush Desai told Fortune the debt-to-GDP ratio has fallen under Trump and will keep improving with pro-growth policies and record tariff revenues.

President Trump has got plenty of ideas about how he’ll address national debt: He’ll pay it down through tariffs, or offset some of the borrowing thanks to proceeds from his “golden visa” program.

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