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The national debt can also be classified into marketable or non-marketable securities. Most of the marketable securities are [[United States Treasury security|Treasury notes, bills, and bonds]] held by investors and governments globally. The non-marketable securities are mainly the "government account series" owed to certain government trust funds such as the Social Security Trust Fund, which represented $2.82 trillion (~${{Format price|{{Inflation|index=US-GDP|value=2820000000000|start_year=2017}}}} in {{Inflation/year|US-GDP}}) in 2017.<ref>{{cite web|url=http://www.ssa.gov/oact/tr/2012/tr2012.pdf |title=The 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds |website=Ssa.gov |access-date=2016-08-27}}</ref>
The non-marketable securities represent amounts owed to program beneficiaries. For example, in the cash upon receipt but spent for other purposes.{{sentence fragment|date=February 2023}} If the government continues to run deficits in other parts of the budget, the government will have to issue debt held by the public to fund the Social Security Trust Fund, in effect exchanging one type of debt for the other.<ref>{{cite web|url=http://www.ssa.gov/oact/trsum/index.html|title=Social Security Trust Fund 2010 Report Summary|publisher=Ssa.gov|access-date=May 18, 2011}}</ref>{{failed verification|reason=These assertions could not be located in the 268-page report.|date=February 2023}}{{dubious|reason=The "deficits" discussed in the source appear to be Social Security operating deficits, not federal budget deficits.|date=February 2023}} Other large intragovernmental holders include the Federal Housing Administration, the [[Federal Savings and Loan Insurance Corporation|Federal Savings and Loan Corporation's]] Resolution Fund and the Federal Hospital Insurance Trust Fund (Medicare).{{citation needed|date=August 2016}}
===Accounting treatment===
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[[File:U.S. Federal Net Interest as Pct GDP.png|thumb|right|upright=1.35|Interest to GDP, a measure of debt burden, was very low in 2015 but is projected to rise with both interest rates and debt levels over the 2016–2026 period.]]
[[File:2023 Interest on federal debt.png|thumb|300px|right|upright=1.6|2023 Interest on federal debt]]
Interest expense on the public debt was approximately $678 billion in FY2023. During FY2023, the government also accrued a non-cash interest expense of $197 billion for intra-governmental debt, primarily the Social Security Trust Fund, for a total interest expense of $875 billion. This accrued interest is added to the Social Security Trust Fund and therefore the national debt each year and will be paid to Social Security recipients in the future. However, since it is a non-cash expense it is excluded from the budget deficit calculation.<ref name="GAO 2023 Report">{{cite web |url=https://www.gao.gov/assets/d24106340.pdff |title=GAO FINANCIAL AUDIT Bureau of the Fiscal Service’s FY 2023 and FY 2022 Schedules of Federal Debt |page=18 |date=November 2023 |access-date=
The federal debt at the end of the 2018/19 fiscal year (ended September 30, 2019) was $22.7 trillion (~${{Format price|{{Inflation|index=US-GDP|value=22700000000000|start_year=2018}}}} in {{Inflation/year|US-GDP}}). The portion that is held by the public was $16.8 trillion. Neither figure includes approximately $2.5 trillion owed to the government.<ref>{{Cite web|url=https://www.gao.gov/products/gao-20-117|title=Financial Audit: Bureau of the Fiscal Service's FY 2019 and FY 2018 Schedules of Federal Debt|first=U. S. Government Accountability|last=Office|website=www.gao.gov}}</ref> Interest on the debt was $404 billion.<ref>https://www.gao.gov/assets/710/702591.pdf, https://www.gao.gov/assets/710/704983.pdf</ref>
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{| class="wikitable sortable"
!FY
![[
![[Federal Reserve Economic Data|FRED]]: (Total) Debt Service (in billion dollars)[https://fred.stlouisfed.org/graph/?g=ViPH]
![[
![[Federal Reserve Economic Data|FRED]]: Fed Receipts (in billion dollars)[https://fred.stlouisfed.org/graph/?g=ViPI]
![[Federal Reserve Economic Data|FRED]]: Debt Service/Receipts
|-
|2023
|875.5<ref name=gao23>{{Cite web|title=Financial Audit: Bureau of the Fiscal Service's FY 2023 and FY 2022 Schedules of Federal Debt|url=https://www.gao.gov/assets/d24106340.pdf|access-date=2024-01-20|website=[[
|981
|678<ref name=gao23/>
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|-
|2021
|575<ref name=gao22>{{Cite web|title=Financial Audit: Bureau of the Fiscal Service's FY 2022 and FY 2021 Schedules of Federal Debt|url=https://www.gao.gov/products/gao-23-105586|access-date=2024-01-20|website=[[
|612
|392<ref name=gao21>{{Cite web|title=Financial Audit: Bureau of the Fiscal Service’s FY 2021 and FY 2020 Schedules of Federal Debt|url=https://www.gao.gov/assets/gao-22-104592.pdf|access-date=2024-01-20|website=[[
|4047
|{{Round| {{#expr:100*612/4047}} |0}}%
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|527<ref name=gao21/>
|517.7
|371<ref name=gao21/><ref name=gao20>{{cite web|url=https://www.gao.gov/products/gao-21-124|title=Financial Audit: Bureau of the Fiscal Service’s FY 2020 and FY 2019 Schedules of Federal Debt|access-date=2024-01-20|website=[[
|3421
|{{Round| {{#expr:100*517.7/3421}} |0}}%
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|-
|2018
|528.4<ref name=gao18>{{cite web|url=https://www.gao.gov/assets/gao-19-113.pdf|title=Financial Audit: Bureau of the Fiscal Service’s FY 2018 and FY 2017 Schedules of Federal Debt|access-date=2024-01-20|website=[[
|571
|357<ref name=gao18/>
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|-
|2016
|430<ref name=gao16>{{cite web|url=https://www.gao.gov/assets/gao-17-104.pdf|title=Financial Audit: Bureau of the Fiscal Service’s FY 2016 and FY 2015 Schedules of Federal Debt|access-date=2024-01-20|website=[[
|460
|273<ref name=gao16/>
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|-
|2014
|433<ref name=gao14>{{cite web|url=https://www.gao.gov/assets/gao-15-157.pdf|title=Financial Audit: Bureau of the Fiscal Service’s FY 2014 and FY 2013 Schedules of Federal Debt|access-date=2024-01-20|website=[[
|442
|260<ref name=gao14/>
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|-
|2012
|432<ref name=gao12>{{cite web|url=https://www.gao.gov/assets/gao-13-114.pdf|title=Financial Audit: Bureau of the Fiscal Service’s FY 2012 and FY 2011 Schedules of Federal Debt|access-date=2024-01-20|website=[[
|417
|245.4<ref name=gao12/>
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|-
|2010
|413<ref name=gao10>{{cite web|url=https://www.gao.gov/assets/gao-11-52.pdf|title=Financial Audit: Bureau of the Fiscal Service’s FY 2010 and FY 2009 Schedules of Federal Debt|access-date=2024-01-20|website=[[
|399.5
|215<ref name=gao10/>
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|-
!2015
|align="right"|<sup>a14</sup> 18,138||align="right"|<sup>a</sup> 100.3%||align="right"|<ref name="gao2019"/> 13,124||align="right"| ||align="right"|18,100
|-
!2016
|style="border-bottom:1px solid black"; align="right"|<sup>a15</sup> 19,560||style="border-bottom:1px solid black"; align="right"|<sup>a</sup>105.5%||style="border-bottom:1px solid black"; align="right"|<ref name="gao2019"/> 14,173||style="border-bottom:1px solid black"; align="right"| ||style="border-bottom:1px solid black"; align="right"|18,550
|-
!2017
|align="right"|<sup>a16</sup> 20,233|| align="right" |<sup>a</sup>105.1% ||align="right"|<ref name="gao2019"/> 14,673 ||align="right"| ||align="right"|19,250
|-
!2018
|align="right"|<sup>a17</sup> 21,506||align="right"|<sup>a</sup>106.0% ||align="right"|<ref name="gao2019"/> 15,761||align="right"| ||align="right"|20,300
|-
!2019
|align="right"|<sup>a18</sup> 22,711||align="right"|<sup>a</sup>107.4% ||align="right"|<ref name="gao2019"/> 16,809||align="right"| ||align="right"|21,150
|-
!2020
| |||