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National debt of the United States: Difference between revisions

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Changing short description from "cumulative face value of all outstanding U.S. Treasury securities" to "World's largest national debt"
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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’sService's FY 2023 and FY 2022 Schedules of Federal Debt |page=18 |date=November 2023 |access-date=2024-01-25 }}</ref>
 
The federal debt at the end of the 2018/19 fiscal year (ended September 30, 2019) was $22.7&nbsp;trillion (~${{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&nbsp;trillion. Neither figure includes approximately $2.5&nbsp;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&nbsp;billion.<ref>https://www.gao.gov/assets/710/702591.pdf, https://www.gao.gov/assets/710/704983.pdf</ref>
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|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=[[Government Accountability Office]]|language=en|date=2022-11-09}}</ref>
|612
|392<ref name=gao21>{{Cite web|title=Financial Audit: Bureau of the Fiscal Service’sService'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=[[Government Accountability Office]]|language=en|date=2021-11-09}}</ref>
|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’sService's FY 2020 and FY 2019 Schedules of Federal Debt|access-date=2024-01-20|website=[[Government Accountability Office]]|language=en|date=2020-11-09}}</ref>
|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’sService's FY 2018 and FY 2017 Schedules of Federal Debt|access-date=2024-01-20|website=[[Government Accountability Office]]|language=en|date=2019-11-09}}</ref>
|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’sService's FY 2016 and FY 2015 Schedules of Federal Debt|access-date=2024-01-20|website=[[Government Accountability Office]]|language=en|date=2017-11-09}}</ref>
|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’sService's FY 2014 and FY 2013 Schedules of Federal Debt|access-date=2024-01-20|website=[[Government Accountability Office]]|language=en|date=2015-11-09}}</ref>
|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’sService's FY 2012 and FY 2011 Schedules of Federal Debt|access-date=2024-01-20|website=[[Government Accountability Office]]|language=en|date=2013-11-09}}</ref>
|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’sService's FY 2010 and FY 2009 Schedules of Federal Debt|access-date=2024-01-20|website=[[Government Accountability Office]]|language=en|date=2011-11-09}}</ref>
|399.5
|215<ref name=gao10/>