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Here's how you can help pay off the national debt

The federal government set up a fund in 1961 to allow patriotic Americans the opportunity to help pay off the nation's debt.
New $1 bills are cut and stacked.
Posted at 2:04 PM, May 30, 2023

The national debt sits at over $31.4 trillion. The monumental figure is part of a major debate in Washington this week. 

President Joe Biden and House Speaker Kevin McCarthy reached a deal over the weekend to suspend the current debt ceiling, allowing the federal government to pay its bills for the next two years.

As the nation's debt balloons, many Americans have expressed concern that younger generations will be stuck with the bill. 

You can help pay off the national debt

A fund was set up in 1961 to allow patriotic Americans to donate money to help pay off the nation's debt. The fund is not highly publicized but remains active. 

People simply have to fill out a form and enter their bank account information to give their gift to the U.S. Treasury. 

According to The Associated Press, the largest gift ever given was $12 million in 1994. The generous person's name was never revealed as they reportedly wanted to remain anonymous.

Does a donation to the fund make a difference?

In 2022, the fund took in just over $1 million in donations. 

With a national debt of $31.4 trillion, even the two richest men in the U.S., Elon Musk and Jeff Bezos, couldn't come close to wiping out the entire tab. Their combined net worth is about $340 billion, according to Forbes.