Economist Peter Morici breaks down what the national debt is, why it ballooned to more than $34 trillion and what it means for Americans.
Americans, if they’re so inclined, can now donate to pay down the national debt via Venmo and PayPal.
The U.S. Treasury Department’s little-known program has been around for decades, and Americans have donated $67.3 million in the last 29 years, which has done little to bring down the current $36.7 trillion in debt.
On Wednesday, an X post from NPR’s Jack Corbett showing a screenshot of the 21st century payment options went viral.
“You can venmo the United States to help pay off the national debt,” Corbett wrote.
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Americans can now donate to pay down the national debt via Venmo and PayPal. (Andrew Harrer/Bloomberg via Getty Images / Getty Images)
Donors can go to Pay.gov and, under “Gifts to Reduce the Public Debt,” choose between the more traditional bank account or credit/debit card options and the newer options to make a gift.
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Even a generous donation is unlikely to make much of a difference, however. The $67.3 million given since 1996 only accounts for 20 minutes of debt, according to Axios.
The national debt, which measures what the U.S. owes its creditors, rose to $36,721,531,033,603 Friday, according to the latest numbers published by the Treasury Department. That is up about $34.5 billion from the figure reported the previous day.
Forty years ago, the national debt was $907 billion.
Venmo and Paypal options on Pay.gov to “Reduce the Public Debt.” (Pay.gov / Fox News)
The outlook for the federal debt level is bleak, with economists increasingly sounding the alarm over the torrid pace of spending by Congress and the White House.
This has intensified with the recent passage of President Donald Trump’s One Big Beautiful Bill Act, which the nonpartisan Congressional Budget Office (CBO) estimates will add $3.4 trillion to budget deficits over the next decade. Trump’s team argues revenues from tariffs and faster economic growth will more than help offset rising debt.
The donations are made to the U.S. Department of the Treasury. (Mandel Ngan/AFP via Getty Images / Getty Images)
The maximum donation allowed by Venmo, $999,999.99, would have to be made in 18 seconds just to keep up with the national debt, Axios reports.
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It’s unclear when Venmo and Paypal donation options were added to Pay.gov. FOX Business has reached out to the Treasury Department for comment.
FOX Business’ Eric Revell contributed to this report.
