Crisis Looms as US Debt Swells to Rp 2 Quadrillion
REPUBLIKA.CO.ID, NEW YORK – The United States government is deemed unable to pay its debts. This is not mere hyperbole but a conclusion drawn from the consolidated financial report of the Treasury Department for fiscal year 2025, released last week.
In the report, total assets are recorded at $6.06 trillion (approximately Rp 93,930 trillion to Rp 96,960 trillion), while total liabilities reach $47.78 trillion (approximately Rp 740,590 trillion to Rp 764,480 trillion) as of 30 September 2025.
These liability figures do not yet include unfunded obligations from social insurance programmes such as Social Security and Medicare, which are reported separately in the Statement of Social Insurance (SOSI).
According to Fortune, the US balance sheet position, excluding SOSI, deteriorated by nearly $2.07 trillion (approximately Rp 32,085 trillion to Rp 33,120 trillion) from fiscal year 2024 to 2025, resulting in a negative $41.72 trillion (approximately Rp 646,660 trillion to Rp 667,520 trillion).
Total liabilities are now nearly eight times the value of assets. The largest increase comes from federal debt and interest payable, amounting to $2 trillion (approximately Rp 31,000 trillion to Rp 32,000 trillion), bringing the total to $30.33 trillion (approximately Rp 470,115 trillion to Rp 485,280 trillion). Additionally, federal and veteran employee benefits liabilities rose by $438.8 billion (approximately Rp 6,801 trillion to Rp 7,021 trillion), reaching $15.47 trillion (approximately Rp 239,785 trillion to Rp 247,520 trillion).
Off-Balance-Sheet Obligations
The situation becomes even more alarming when considering off-balance-sheet obligations. Social insurance liabilities over 75 years increased by $10.1 trillion (approximately Rp 156,550 trillion to Rp 161,600 trillion), from $78.3 trillion (approximately Rp 1,213,650 trillion to Rp 1,252,800 trillion) to $88.4 trillion (approximately Rp 1,370,200 trillion to Rp 1,414,400 trillion).
When combined with official liabilities of $47.8 trillion, total federal liabilities exceed $136.2 trillion (approximately Rp 2,111,100 trillion to Rp 2,179,200 trillion), or about five times the annual US gross domestic product (GDP).
The Government Accountability Office (GAO) has again issued a disclaimer of opinion on the US government’s fiscal year 2025 financial report, marking the 29th consecutive year that the agency cannot assure the fairness of the statements. This is due to ongoing financial management problems, particularly in the Department of Defense, as well as weaknesses in recording inter-agency transactions.