According to the Wall Street Journal, the U.S. national debt reached 100% of GDP in the fiscal year ending September 30, the first time it has surpassed this threshold since 1946. Data previously released by the U.S. federal government showed that as of September 30, publicly held federal debt stood at $32.2 trillion. With the release of third-quarter economic output data on Thursday, this figure is equivalent to 100% of the entire fiscal year's GDP, a precise 100.03%. This is higher than the 99.4% at the end of fiscal year 2025, but lower than the 100.6% predicted by the Congressional Budget Office (CBO) in February. The U.S. is approaching the historical record of 106% set in 1946—when the U.S. government borrowed heavily to win World War II. The nearly $2 trillion annual budget deficit represents 6.2% of GDP, continuing the unusual trend of massive deficits in non-war, non-recession, and non-emergency situations. While the U.S. economy grew rapidly in the third quarter, the federal government's debt also expanded at an equally rapid pace. While many commentators focus on the recent surpassing of $40 trillion in total federal government debt, economists prefer to use the metric of "publicly held federal debt" because it more accurately measures the burden of government borrowing.