The U.S. Treasury faces a significant refinancing challenge this year, with various sources estimating that between $7 trillion and $9.2 trillion of the total national debt will either mature or need refinancing in 2025.

The total U.S. national debt is approximately $36.8 trillion now. According to projections, a substantial portion of this debt is scheduled to mature or be refinanced throughout the year. One estimate from the U.S. Treasury indicates that $9.2 trillion in debt maturities and refinancing needs are spread across 2025, with about 70% of this amount—roughly $6.4 trillion—concentrated between January and June. This leaves the remaining 30%, or approximately $2.8 trillion, for the second half of the year (July through December).

However, since it’s already April, we’ve passed the first quarter (January–March) and part of the second quarter (April–June).

If we assume $9.2 trillion as the upper bound and subtract the $6.4 trillion estimated for January–June, approximately $2.8 trillion remains for July–December.

If 70% of the $9.2 trillion occurs by June’s end, and assuming a roughly even distribution within the first half, about $3.2 trillion may have matured or been refinanced from January to March, leaving $3.2 trillion for April–June. With April just beginning, nearly all of this $3.2 trillion for Q2 remains, plus the $2.8 trillion for the second half, totaling around $6 trillion from now through December 31, 2025. For the lower estimate of $7 trillion total for 2025, a similar proportional split (70% by June, or $4.9 trillion, with $2.1 trillion after June) suggests about $4.2 trillion from April 5 onward, assuming $2.1 trillion of the first half remains. debt dynamics.