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National debt of the United States: Difference between revisions

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* "Debt held by government accounts" or "[[intragovernmental debt]]" – is non-marketable Treasury securities held in accounts of programs administered by the federal government, such as the [[Social Security Trust Fund]]. Debt held by government accounts represents the cumulative surpluses, including interest earnings, of various government programs that have been invested in Treasury securities.
 
[[File:US Federal Debt Held By Public as of Feb. 2023.png|thumb|upright=1.2|The amount of U.S. public debt, measured as a percentage of GDP, held by the public since 1900]]▼
Historically, the U.S. public debt as a share of [[gross domestic product]] (GDP) increases during wars and [[recession]]s and then subsequently declines. The [[Debt-to-GDP ratio|ratio of debt to GDP]] may decrease as a result of a government surplus or via [[Economic growth|growth of GDP]] and [[inflation]]. ForThe example,[[Congressional debtBudget heldOffice]] by(CBO) theestimated publicin asFebruary a2023 sharethat ofFederal GDPdebt hadheld peakedby justthe afterpublic Worldis Warprojected IIto (113%rise from 98 percent of GDP in 1945),2023 butto has118 sincepercent reachedin new2033—an highsaverage increase of up2 topercentage 134points per year.84% ofOver GDPthat duringperiod, the second quartergrowth of 2020.<ref>{{Citeinterest webcosts |last1=U.S.and Officemandatory spending outpaces the growth of Managementrevenues and Budgetthe |last2=Federaleconomy, Reservedriving Bankup of Stdebt. LouisThose |date=1966-01-01factors |title=Federalpersist Debt:beyond Total2033, Publicpushing Debtfederal asdebt Percenthigher still, to 195 percent of GrossGDP Domesticin Product2053.<ref name="CBO_budgetOutlook2023">{{cite web|url=https://fredwww.stlouisfedcbo.orggov/seriespublication/GFDEGDQ188S 58946|access-datetitle=2022-09-30The Budget and Economic Outlook: 2023 to 2033|publisher=FREDCBO|date=February 15, Federal Reserve2023|access-date=February Bank of St.1, Louis2024}}</ref> In recent decades, aging [[Demographics of the United States|demographics]] and rising [[Health care prices in the United States|healthcare costs]] have led to concern about the long-term sustainability of the federal government's [[Fiscal policy of the United States|fiscal policies]].<ref>{{Cite web |date=2022-07-27 |title=The 2022 Long-Term Budget Outlook |url=https://www.cbo.gov/publication/57971 |access-date=2022-09-30 |publisher=Congressional Budget Office |language=en}}</ref> The aggregate, gross amount that Treasury can borrow is limited by the [[United States debt ceiling]].<ref>About 0.8% of debt ($1009 billion) is not covered by the ceiling, per [https://fpc.state.gov/documents/organization/105193.pdf The Debt Limit: History and Recent Increases, p. 4. (Note: This includes pre-1917 debt)], fpc.state.gov; accessed August 22, 2016.</ref>
 
Total US federal government debt breached $30 trillion mark for the first time in history in February 2022.<ref>{{Cite news |last=Rappeport |first=Alan |date=2022-02-01 |title=U.S. National Debt Tops $30 Trillion as Borrowing Surged Amid Pandemic |language=en-US |work=[[The New York Times]] |url=https://www.nytimes.com/2022/02/01/us/politics/national-debt-30-trillion.html |access-date=2022-02-02 |issn=0362-4331}}</ref> As of December 2023, total federal debt was $33.1 trillion; $26.5 trillion held by the public and $12.1 trillion in intragovernmental debt.<ref>{{cite web |title=Debt to the Penny |url=https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/#breaking-down-the-debt |access-date=December 4, 2023 |website=fiscaldata.treasury.gov |publisher=[[United States Department of the Treasury]]}}</ref> The annualized cost of servicing this debt was $726 billion in July 2023, which accounted for 14% of the total federal spending.<ref>{{cite web |title=What is the national debt? |url=https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/ |access-date=August 18, 2023 |website=fiscaldata.treasury.gov |publisher=[[United States Department of the Treasury]]}}</ref> In December 2021, debt held by the public was estimated at 96.19% of GDP, and approximately 33% of this public debt was owned by foreigners (government and private).<ref name="Treasury-MFH">{{cite web |author=<!--Not stated--> |title=Foreign Holdings of Federal Debt |url=https://sgp.fas.org/crs/misc/RS22331.pdf |access-date=August 29, 2022 |publisher=Congressional Research Service |via=[[Federation of American Scientists]]}}</ref> The United States has the largest [[List of countries by external debt|external debt in the world]]. The total number of U.S. Treasury securities held by foreign entities in December 2021 was $7.7&nbsp;trillion, up from $7.1 trillion in December 2020.<ref name="bloomberg_Randall_20181016">{{Cite web |date=May 25, 2022 |title=Foreign Holdings of Federal Debt |url=https://sgp.fas.org/crs/misc/RS22331.pdf |access-date=September 29, 2022 |publisher=Congressional Budget Office}}</ref>
 
During the [[COVID-19 pandemic in the United States|COVID-19 pandemic]], the [[U.S. federal government response to the COVID-19 pandemic|federal government spent trillions]] in virus aid and economic relief. The [[Congressional Budget Office]] (CBO) estimated that the budget deficit for fiscal year 2020 would increase to $3.3&nbsp;trillion or 16% GDP, more than triple that of 2019 and the largest as % GDP since 1945.<ref name="CBO_Aug2020">{{Cite web| title = An update to the budget outlook 2020 to 2030 | access-date = September 6, 2020| date = September 2, 2020| url=https://www.cbo.gov/publication/56517}}</ref>
 
In 2013, the U.S. national debt to GDP ratio surpassed 100% when both debt and GDP were approximately $16.7 (~${{Format price|{{Inflation|index=US-GDP|value=16700000000000|start_year=2013}}}} in {{Inflation/year|US-GDP}}) trillion.<ref>{{cite web|url=https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/|title=What is the national debt?|publisher=[[United States Department of the Treasury|U.S. Department of Treasury]]}}</ref> In 2022, the ratio was 97% but projected to increase over the following decades.<ref>{{cite web|title=The Economic Effects of Waiting to Stabilize Federal Debt|url=https://www.cbo.gov/system/files/2022-04/57867-Debt.pdf|date=April 28, 2022}}</ref><ref>{{Cite web |date=2023-06-28 |title=The 2023 Long-Term Budget Outlook |url=https://www.cbo.gov/publication/59331 |publisher=Congressional Budget Office}}</ref>
 
[[File:Debt to GDP.webp|thumb|350px|Debt to GDP
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==History==
{{Main|History of the United States public debt}}
▲[[File:US Federal Debt Held By Public as of Feb. 2023.png|thumb|upright=1.2|The amount of U.S. public debt, measured as a percentage of GDP, held by the public since 1900]]
The [[United States federal government]] has continuously had a fluctuating [[Government debt|public debt]] since its formation in 1789, except for about a year during 1835–1836, a period in which the nation, during the presidency of [[Andrew Jackson]], completely paid the national debt. To allow comparisons over the years, public debt is often expressed as a ratio to [[GDP]]. The United States public debt as a percentage of GDP reached its highest level during [[Harry S. Truman|Harry Truman]]'s first presidential term, during and after [[World War II]]. Public debt as a percentage of GDP fell rapidly in the [[Post–World War II economic expansion|post-World War II period]] and reached a low in 1974 under [[Richard Nixon]]. Debt as a share of GDP has consistently increased since then, except during the presidencies of [[Jimmy Carter]] and [[Bill Clinton]].
 
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