US hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic

US hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic
Treasury Secretary Scott Bessent speaks with reporters at the White House on Oct. 22, 2025, in Washington. (AP)
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Updated 23 October 2025
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US hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic

US hits $38 trillion in debt, after the fastest accumulation of $1 trillion outside of the pandemic
  • Expert warns that the growing debt load over time leads ultimately to higher inflation, eroding Americans’ purchasing power
  • The Trump administration says its policies are helping to slow government spending and will shrink the nation’s massive deficit

WASHINGTON: In the midst of a federal government shutdown, the US government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet.
It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the US hit $37 trillion in gross national debt in August this year.
The $38 trillion update is found in the latest Treasury Department report, which logs the nation’s daily finances.
Kent Smetters of the University of Pennsylvania’s Penn Wharton Budget Model, who served in President George W. Bush’s Treasury Department, told The Associated Press that a growing debt load over time leads ultimately to higher inflation, eroding Americans’ purchasing power.
The Government Accountability Office outlines some of the impacts of rising government debt on Americans — including higher borrowing costs for things like mortgages and cars, lower wages from businesses having less money available to invest, and more expensive goods and services.
“I think a lot of people want to know that their kids and grandkids are going to be in good, decent shape in the future — that they will be able to afford a house,” Smetters said. “That additional inflation compounds” and erodes consumers’ purchasing power, he said, making it less possible for future generations to achieve home ownership goals.
The Trump administration says its policies are helping to slow government spending and will shrink the nation’s massive deficit. A new analysis by Treasury Department officials states that from April to September, the cumulative deficit totaled $468 billion. In a post on X Wednesday, Treasury Secretary Scott Bessent said that’s the lowest reading since 2019.
“During his first eight months in office, President Trump has reduced the deficit by $350 billion compared to the same period in 2024 by cutting spending and boosting revenue,” White House spokesman Kush Desai said in a statement, adding that the administration would pursue robust economic growth, lower inflation, tariff revenue, lower borrowing costs and cuts to waste, fraud and abuse.
The Joint Economic Committee estimates that the total national debt has grown by $69,713.82 per second for the past year.
Michael Peterson, chair and CEO of the Peter G. Peterson Foundation, said in a statement that “reaching $38 trillion in debt during a government shutdown is the latest troubling sign that lawmakers are not meeting their basic fiscal duties.”
“Along with increasing debt, you get higher interest costs, which are now the fastest growing part of the budget,” Peterson added. “We spent $4 trillion on interest over the last decade, but will spend $14 trillion in the next ten years. Interest costs crowd out important public and private investments in our future, harming the economy for every American.”
The US hit $34 trillion in debt in January 2024, $35 trillion in July 2024 and $36 trillion in November 2024.


Women make inroads in Pakistan as they become firefighters and barriers slowly fall

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Women make inroads in Pakistan as they become firefighters and barriers slowly fall

Women make inroads in Pakistan as they become firefighters and barriers slowly fall
KARACHI: Thick black smoke clawed at the sky last week over the industrial zone in Pakistan’s largest city as firefighter Syeda Masooma Zaidi raced toward the raging blaze in Karachi.
The storage facility was packed with truck and car tires, and the flames leapt hungrily, black plumes twisting skyward. Heat shimmered off the asphalt, turning the air heavy and acrid, stinging her eyes and lungs.
Zaidi did not hesitate amid the deafening roar, hose in hand, her helmet strapped tight.
The 23-year-old and the rest of her firefighting team — all men — aimed the jets of water at the molten rubber, which hissed and steamed under the torrent. The team worked methodically, every movement precise, every second critical.
Hours later, the blaze was under control. Nearby factories were spared, no lives were lost — though the damage ran into tens of thousands of dollars (millions of Pakistani rupees).
When the firefighters emerged from the smoke, their faces streaked with soot, dozens of onlookers cheered behind safety lines.
Zaidi is a rare sight in a country where women firefighters were mostly unheard-of until 2024. Her career — like those of other women in Pakistan’s emergency services — underscores the gradual inroads being made in the staunchly patriarchal and traditional Islamic nation.
Some were inspired when Shazia Perveen became Pakistan’s very first woman firefighter in 2010 in eastern Punjab province, where she is now a trainer. In Sindh province, where Karachi is the capital, women started joining firefighting services in 2024 after getting their training in Punjab.
And though they still make up less than 1 percent of Pakistan’s firefighters, authorities say more women are likely to join firefighting units in the coming years in the country of 255 million.
Most Pakistani women who go into professional fields choose careers as doctors, engineers or teachers, Zaidi said. She wanted to show that “we can do this too.”
Her chief fire officer, Humayun Khan, has praised Zaidi and her female colleagues.
Dr. Abid Jalaluddin Shaikh, chief of the Sindh Emergency Service, said Zaidi is one of 50 women firefighters in the province. Another 180 are in training as rescue divers, ambulance medics and emergency responders.
“The focus is no longer on breaking taboos,” he said. “Now we see real results.”
Zaidi graduated from the Punjab Rescue Service Academy, where she mastered high-angle rescues that use ladders, ropes and trolleys and typically involve victims trapped in skyscrapers, industrial towers or other high elevations, as well as various types of fire and water emergencies.
Still, she says she feels many doubt her ability on the job.
“When we arrive, people say, ‘She’s a girl — how can she rescue anyone?’” she said. “Every time we save a life, we prove that women can also do this job.”
Zaidi’s fellow firefighter Areeba Taj, also 23, recalled missions in Karachi where she and her female colleagues helped save lives amid chaos and smoke. Their supervisor, Ayesha Farooq, highlighted the unique strengths women bring, especially when victims include women and children.
“By joining rescue services, they earn respect — for themselves, and for the country,” Farooq said.
Zaidi, who grew up with seven brothers and one sister, says her motivation was simple: courage, duty, and faith.
“People still doubt us,” she said. “But every time we go out there, we keep proving them wrong.”
As the skyline above the Karachi industrial zone cleared last week, Zaidi returned with her team to the fire station, ready for the next alarm.
Every day on the job, Zaidi, Taj and their other female colleagues prove that gender is no barrier to bravery.