Trump Investigates U.S. Debt for Fraud, Suggests Treasury Payments 'Might Not Count'

President Donald Trump on Sunday said that his administration is investigating the U.S. national debt, suggesting that certain Treasury payments may be fraudulent and "might not count." Speaking aboard Air Force One, Trump said his administration is reviewing debt records to uncover potential financial mismanagement.

The U.S. national debt is approximately $36.2 trillion, exceeding 120% of the country's GDP, according to the U.S. Treasury. Trump indicated that Treasury payments are currently under review.

“We’re even looking at Treasuries,” he said. “There could be a problem—you’ve been reading about that. That could be an interesting problem...It could be that a lot of those things don’t count. In other words, some of that stuff that we’re finding is very fraudulent, therefore maybe we have less debt than we thought.”

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National Economic Council Director Kevin Hassett told CNBC on Monday that Trump's comments weren't about payments to holders of US debt but possible improper payments to contractors and for grants.

This has sparked questions from financial experts since Treasury securities are considered some of the safest investment instruments worldwide.

While Trump has suggested that fraudulent payments could be inflating the national debt, independent budget watchdogs argue that the administration's proposed tax cuts would add trillions of dollars in new debt. The Committee for a Responsible Federal Budget estimated that Trump’s tax plans will add $7.75 trillion to the projected debt through fiscal year 2035.

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To help crack down on eliminating waste and identify fraudulent spending in the federal government, Trump has enlisted billionaire Elon Musk to lead an overhaul of federal government operations. Musk's newly established Department of Government Efficiency has reportedly been reviewing payroll and spending records, raising privacy and security concerns.

A federal judge recently blocked Musk’s team from accessing and storing data from certain government financial systems, citing the risk of improper disclosure of sensitive information. Treasury Secretary Scott Bessent said that Musk's team had only “read-only” access and could not make changes to the system.