U.S. debt represents the cumulative borrowing by the federal government to finance budget deficits and obligations. It includes public debt, held by individuals, institutions, and foreign governments, as well as intragovernmental holdings such as trust funds. Measured by the national debt level, it is influenced by fiscal policy, economic cycles, and interest rates. Investors and policymakers monitor U.S. debt closely as it impacts economic growth, inflation, and global financial stability.