US federal debt crosses $40 trillion: America has the biggest debt, but Japan has a higher ratio

America’s federal debt has crossed the $40 trillion mark, but the US does not have the highest debt burden relative to the size of its economy. According to the IMF’s April 2026 Fiscal Monitor and World Economic Outlook, Japan and Italy have higher debt-to-GDP ratios, while the US has by far the largest absolute debt among the major economies compared here. Here is a look at the numbers and what they show.