U.S. Debt Tops $39T as Lummis Pushes BITCOIN Act

U.S. gross national debt passed $39 trillion in mid‑March, and debt held by the public exceeded $31 trillion. Senator Cynthia Lummis is promoting the BITCOIN Act, which would direct the Treasury to acquire up to 1 million bitcoin over five years and hold the coins for at least 20 years.

Treasury figures put the threshold around March 17–18. Economists focus on debt held by the public as the measure of market‑financed liabilities. The Congressional Budget Office projects a federal deficit of $1.9 trillion in fiscal 2026, rising to about $3.1 trillion by 2036, and projects public debt near $56 trillion, roughly 120% of GDP, by 2036.

The BITCOIN Act (S. 954) would authorize the Treasury to purchase up to 1 million bitcoin over five years and require a minimum 20‑year holding period. Lummis has indicated she expects purchases to begin before the end of 2026 and has cited internal support that includes Treasury Secretary Scott Bessent. She projects bitcoin could reach $500,000 within the decade. No official Treasury purchases have been confirmed.

The Committee for a Responsible Federal Budget has warned that U.S. debt growth is unsustainable. Committee president Maya MacGuineas warned, “This is not one of those situations where you can just say, yes, let somebody else fix this problem.” House Budget Committee Chairman Jodey Arrington referenced the $39 trillion figure in public remarks.

Public trackers showed the national debt near $39.3 trillion by early May, and some analysts project the total could reach $40 trillion by September 2026 if current trends continue. Multilateral forecasts indicate global public debt could approach parity with world GDP within a few years.

At mid‑April, bitcoin traded near $74,000. Proponents describe the BITCOIN Act as an unconventional asset allocation intended to serve as a long‑term hedge against nominal liabilities. Critics point to bitcoin’s price volatility and the legal, operational and accounting changes a sovereign would face in holding significant quantities of cryptocurrency.

Treasury officials have not announced a policy change or a purchase timeline. Lawmakers and budget analysts continue to debate options to address rising deficits and the practicality of adding a volatile digital asset to the federal balance sheet.