If China undertakes a massive sales of its U.S. Treasury bonds it would result in a decrease in the price of debt, and an increase in interest rates in the United States, that would stifle American domestic "investment and consumer spending. It caused the number of unemployed persons to increase significantly, which is expected to reduce tax revenues while increasing automatic stabilizer spending for unemployment insurance and nutritional support. The United States Postal Service (USPS) can trace itself back to the American Revolution and Benjamin Franklin, who was even one of two postmasters general before the states split from the British crown. The variations in the 1990s and FY 2015 figures are due to double-sourced or relatively preliminary GDP figures respectively. So the total increase in the "National debt" in FY2008 was $768B +$183B = $951 billion. The national debt equates to $59,143 per person U.S. population, or $159,759 per member of the U.S. working taxpayers, as of March 2016. 1. 2. "[117], (a10) GAO affirmed Bureau of the Public debt figure as $14,781 billion. [12], Due to the coronavirus pandemic, Congress and President Trump enacted the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES) on March 18, 2020. "[84], However, if the U.S. government continues to run "on budget" deficits as projected by the CBO and OMB for the foreseeable future, it will have to issue marketable Treasury bills and bonds (i.e., debt held by the public) to pay for the projected shortfall in the Social Security program. [37], For example, in January 2009 the CBO reported that for fiscal year 2008 (FY2008) the "on-budget deficit" was $638 billion, offset by an "off-budget surplus" (mainly due to Social Security revenue in excess of payouts) of $183 billion, for a "total deficit" of $455 billion. [5][6] At the end of 2020, debt held by the public was approximately 99.3% of GDP,[7][8] and approximately 37% of the debt held by the public was owned by foreigners. By contrast, if Social Security benefits were limited to the amounts payable from revenues received by the Social Security trust funds, debt in 2049 would reach 106 percent of GDP, still well above its current level. Spending data from official government sources indicate that the debts include an amount to cover budget gaps, unfunded pension commitments, and outstanding bonds. The debts, also referred to as unpaid borrowed funds differ from state to state. China is the largest debt holder, second to Japan. For the 2018–2027 period, CBO projects the sum of the annual deficits (i.e., debt increase) to be $11.7 trillion, an increase of $1.6 trillion (16%) over the previous baseline (June 2017) forecast of $10.1 trillion. The following is a list of the top foreign holders of US Treasury securities as listed by the US Treasury (revised by October 2020 survey):[53]. Here's Why You Should Be Worried", "The Day the United States Defaulted on Treasury Bills", "Here's What Happened the Last Time the U.S. Defaulted on Its Debt", "When Did The U.S. Last Default On Treasury Bonds? [92][93], In April 1979, however, the United States may have technically defaulted on $122 million in Treasury bills, which was less than 1% of U.S. debt. It included loans and grants for businesses, along with direct payments to individuals and additional funding for unemployment insurance. For example, in the casupon receipt, but spent for other purposes. [72][73] Herndon, Ash and Pollin found that after correcting for errors and unorthodox methods used, there was no evidence that debt above a specific threshold reduces growth. "[66], An August 2020 Kyodo News report from Beijing, said that, against the backdrop of an escalation in Sino-U.S. tensions, financial markets are concerned that China might weaponize its holdings of over a $1 trillion of United States debt. The Congressional Budget Office includes historical budget and debt tables along with its annual "Budget and Economic Outlook." CBO forecast in January 2020 that the budget deficit in FY2020 would be $1.0 trillion, prior to considering the impact of the coronavirus pandemic or CARES. Fannie Mae and Freddie Mac obligations excluded, Raising reserve requirements and full reserve banking, CBO ten-year outlook 2018–2028 (pre-coronavirus), CBO ten-year outlook 2020-2030 (coronavirus), Concerns over Chinese holdings of U.S. debt, Impact of Coronavirus and CARES Act of 2020, Foreign holders of US Treasury securities, Recent additions to the public debt of the United States, No official ceiling published. United States Congress, Government Accountability Office (November 10, 2009). [120], (a14) GAO affirmed Bureau of the Fiscal Service's figure as $18,138 billion. This will result in "debt held by the public" replacing "intragovernmental debt".[86][87]. 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. The terms "national deficit" and "national surplus" usually refer to the federal government budget balancefrom year to year, not the cumulative amount of debt. That would be the highest level since the end of World War II. [36], Social Security payroll taxes and benefit payments, along with the net balance of the U.S. The Department issued its report in July 2012, stating that "attempting to use U.S. Treasury securities as a coercive tool would have limited effect and likely would do more harm to China than to the United States. Total potential debt for the U.S. by one all-encompassing measure is running close to 2,000% of GDP, according to an analysis that suggests danger but also cautions against reading too much … Afterwards the OMB figures were revised back to 2004 and the BEA figures (in a revision dated July 31, 2013) were revised back to 1947. 4. Japan's maximum holding of 7% or $1.2 trillion occurred in 2012, subsequently reduced to 4% in 2018. [15], According to articles in The Wall Street Journal[16] and Business Insider,[17][16][18] based on documents released on October 29, 2018 by the Treasury Department,[19] the Department's new projection[17] estimates that by the fourth quarter of the FY2018, it will issue c. $1.338 trillion in debt. A deficit year increases the debt, while a surplus year decreases the debt as more money is received than spent. Finally, growing debts have a real and direct impact on investment opportunities available to Americans. The major categories of differences are the treatment of the Social Security program, Treasury borrowing, and supplemental appropriations outside the budget process. U.S. National Debt Hits Record $22 Trillion Federal deficits are now expected to average $1.2 trillion, or 4.4 percent of gross domestic product — … "[63], A 2010 article by James K. Galbraith in the The Nation, defending deficits and dismissed any and all concerns over foreign holdings of United States government debt denominated in U.S. dollars, including China's holdings. Note that this is all interest the US paid, including interest credited to Social Security and other government trust funds, not just "interest on debt" frequently cited elsewhere. According to the U.S. Department of Treasury Preliminary 2014 Annual Report on U.S. Holdings of Foreign Securities, the United States valued its foreign treasury securities portfolio at $2.7 trillion. CBO's baseline shows net interest payments more than tripling under current law, climbing from $231 billion in 2014, or 1.3 percent of GDP, to $799 billion in 2024, or 3.0 percent of GDP—the highest ratio since 1996. The $1.6 trillion debt increase includes three main elements: 1) $1.7 trillion less in revenues due to the tax cuts; 2) $1.0 trillion more in spending; and 3) Partially offsetting incremental revenue of $1.1 trillion due to higher economic growth than previously forecast. Massachusetts is ranked third with a debt of $77.0 billion followed closely by New Jersey with an outstanding debt of $65.90 billion. The national debt of the United States is the total debt, or unpaid borrowed funds, carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies. Board of Governors of the Federal Reserve System (June 5, 2009). [14], In their September 2018 monthly report published on October 5 and based on data from the Treasury Department's "Daily Treasury Statements" (DTS), the Congressional Budget Office (CBO) wrote that the federal budget deficit was c.$782 billion for the fiscal year 2018—which runs from October 2017 through September 2018. The U.S. Treasury Department has historical tables that report the annual U.S. debt for each fiscal year since 1790. [71] In April 2013, the conclusions of Rogoff and Reinhart's study came into question when a coding error in their original paper was discovered by Herndon, Ash and Pollin of the University of Massachusetts Amherst. [25] As the intervention has dragged out, pundits have started to further question this accounting treatment, noting that changes in August 2012 "makes them even more permanent wards of the state and turns the government's preferred stock into a permanent, perpetual kind of security". A deficit year increases the debt, while a surplus year d… Future generations benefit to the extent these assets are passed on to them. The financial position of the United States includes assets of at least $269.6 trillion (1576% of GDP) and debts of $145.8 trillion (852% of GDP) to produce a net worth of at least $123.8 trillion (723% of GDP) as of Q1 2014.. Approximately $7.7 trillion relates to Social Security, while $38.2 trillion relates to Medicare and Medicaid. In April 2020, the national debt hit an eye-popping $25 trillion, coming off the back of a $2.2 trillion stimulus passed by the U.S. Congress. The more precise FY 1999–2014 debt figures are derived from Treasury audit results. Young workers face high unemployment and studies have shown their income may lag throughout their careers as a result. That projection incorporates CBO’s central estimates of various factors, such as productivity growth and interest rates on federal debt. Spending on homeland security and the Iraq War increased and the economy stalled. The "off-budget surplus" was borrowed and spent (as is typically the case), increasing the "intra-governmental debt" by $183 billion. Accrual", Fannie Mae, Freddie Mac to Be Kept Off Budget, White House Says, The case for keeping Fannie Mae and Freddie Mac off the government's books has gotten even weaker, "Investor Fires Salvo Against Fannie, Freddie-Viewed March 2014", "The federal government's financial health: a citizen's guide to the 2008 financial report of the United States government", pp. Public debt rose sharply during George W Bush's presidency and in the wake of the 2007–2008 financial crisis, with resulting significant tax revenue declines and spending increases, such as the Emergency Economic Stabilization Act of 2008 and the American Recovery and Reinvestment Act of 2009. This latter figure is the one commonly reported in the media. Brazil. The ratio of debt to GDP may decrease as a result of a government surplus or due to growth of GDP and inflation. [69][70], Debt levels may affect economic growth rates. "[33] However, $1 trillion in additional borrowing since the end of FY 2015 has raised the ratio to 76.2% as of April 2016 [See Appendix#National debt for selected years]. An increased risk of a sudden fiscal crisis, in which investors demand higher interest rates. Also, a large portion of the federal debt stemmed from money borrowed by the government from Social Security and Medicare. [76][77][78], Commenting on fiscal sustainability, former Federal Reserve Chairman Ben Bernanke stated in April 2010 that "Neither experience nor economic theory clearly indicates the threshold at which government debt begins to endanger prosperity and economic stability. [85] For example, the CBPP argues: that "large increases in [debt held by the public] can also push up interest rates and increase the amount of future interest payments the federal government must make to lenders outside of the United States, which reduces Americans' income. While the law will almost certainly increase budget deficits relative to the January 2020 10-year CBO baseline (completed prior to the Coronavirus), in the absence of the legislation, a complete economic collapse could have occurred.[99]. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Peter G. Peterson Foundation (April 2010). For every dollar of debt held by the public, there is a government obligation (generally marketable Treasury securities) counted as an asset by investors. The 2019 Outlook mainly covers the 30-year period through 2049. All maps, graphics, flags, photos and original descriptions © 2021 worldatlas.com, Countries The United States Of America Is Most In Debt To. An August 19, 2013 Congressional Research Service report said that the threat is not credible and the effect would be limited even if carried out. The U.S. increased the ratio of public and private debt from 152% GDP in 1980 to peak at 296% GDP in 2008, before falling to 279% GDP by Q2 2011. [15]:1 The Treasury statements as summarized by in the CBO report that corporate taxes for 2017 and 2018 declined by $92 billion representing a drop of 31%. The debt ceiling is an aggregate of gross debt, which includes debt in hands of public and in Intragovernment accounts. For more information about the debt limit, read our WatchBlog post, “Debt Limit 101.” Refinancing the debt — Interest on the debt is one of the main causes of future fiscal unsustainability. Cecchetti, Stephen G. et al. Yes, that is a lot—the most in the world, in nominal … The Congressional Budget Office estimated that the budget deficit for fiscal year 2020 would increase to $3.3 trillion or 16% GDP, more than triple that of 2019 and the largest as % GDP since 1945. At nine (9) trillion dollars, we couldn’t pay this debt back in 30 years. [44], In the late 1940s through the early 1970s, the US and UK both reduced their debt burden by about 30% to 40% of GDP per decade by taking advantage of negative real interest rates, but there is no guarantee that government debt rates will continue to stay this low. $25 Trillion National Debt Holders. But there are also major foreign countries who hold that debt. A $988 billion increase in mandatory outlays; A $326 billion increase in discretionary outlays, stemming from emergency supplemental appropriations. 748, CARES Act, Public Law 116-136", NYT-Reuters-U.S. Deficit to Soar to Record $3.8 Trillion in 2020, Budget Watchdog Group Says-April 13, 2020, CBO-The Budget and Economic Outlook: 2020 to 2030-January 28, 2020, "Record government and corporate debt risks 'tipping point' after pandemic passes", "Government – Historical Debt Outstanding – Annual", "Federal debt at the end of year: 1940–2018"; "Gross domestic product and deflators used in the historical tables: 1940–2018", "National Economic Accounts: Gross Domestic Product: Current-dollar and 'real' GDP", GAO-Financial Audit-Bureau of the Fiscal Service’s FY 2019 and FY 2018 Schedules of Federal Debt, GAO-Financial Audit-Bureau of the Fiscal Service's Fiscal Years 2014 and 2013 Schedules of Federal Debt, GAO-Financial Audit-Bureau of the Fiscal Service’s Fiscal Years 2016 and 2015 Schedules of Federal Debt, GAO-Financial Audit-Bureau of the Fiscal Service's Fiscal Years 2016 and 2015 Schedules of Federal Debt, GAO-Financial Audit-Bureau of the Fiscal Service's Fiscal Years 2017 and 2016 Schedules of Federal Debt, GAO-Financial Audit-Bureau of the Fiscal Service's Fiscal Years 2018 and 2017 Schedules of Federal Debt, "Government – Historical Debt Outstanding – Annual 2000–2015", "Status report of U.S. Treasury-owned gold", "International Reserves and Foreign Currency Liquidity: Official reserve assets and other foreign currency assets, "Z.1-Flow of Funds Accounts of the United States", Preliminary Annual Report on U.S. Holdings of Foreign Securities, Eurostat – Tables, Graphs and Maps Interface (TGM) table, "The future of public debt: prospects and implications", World Economic Outlook (April 2018) – General government gross debt, "Debt to the Penny (Daily History Search Application)", "The United States enters the twilight zone – MuniLand", "Table 7.1 – Federal Debt at the End of Year: 1940–2016", "The Debt Limit: History and Recent Increases", "Republicans Raise US Debt Ceiling to $9 Trillion, Caused by Iraq War and Tax Breaks for the Rich", "FINANCIAL AUDIT- Bureau of the Public Debt's Fiscal Years 2008 and 2007 Schedules of Federal Debt", "Obama Signs Budget Deal and Debt Limit Suspension", "Meet the new debt ceiling: $22.03 trillion", "Trump signs budget deal and suspends debt ceiling until 2021", "State and local governments, excluding employee retirement funds; debt securities and loans; liability, Level", "Social security and Medicare could add trillions to the national debt", "How To Invest In An Era Of $100 Trillion Financial Obligations: Part I", U.S. Treasury Resource Center – Treasury International Capital (TIC) System, Drafting and ratification of Constitution, Office of the Director of National Intelligence, https://en.wikipedia.org/w/index.php?title=National_debt_of_the_United_States&oldid=1000439119, Pages containing links to subscription-only content, Wikipedia articles in need of updating from March 2020, All Wikipedia articles in need of updating, Articles with unsourced statements from August 2016, Articles with unsourced statements from September 2016, Articles with unsourced statements from June 2019, Articles with unsourced statements from November 2020, Articles with unsourced statements from March 2020, Wikipedia articles in need of updating from January 2019, Articles containing potentially dated statements from July 2014, All articles containing potentially dated statements, Articles containing potentially dated statements from September 2014, Wikipedia articles in need of updating from January 2015, Creative Commons Attribution-ShareAlike License, "Debt held by the public" – such as Treasury securities held by investors outside the federal government, including those held by individuals, corporations, the, "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, The budget deficit in fiscal 2018 (which runs from October 1, 2017 to September 30, 2018, the first year budgeted by President Trump) is forecast to be $804 billion, an increase of $139 billion (21%) from the $665 billion in 2017 and up $242 billion (39%) over the previous. [36] The Treasury Department reported an increase in the National Debt of $1,017B for FY2008. Mathematically, the ratio can decrease even while debt grows if the rate of increase in GDP (which also takes account of inflation) is higher than the rate of increase of debt. This was measured using "debt held by the public. That is a cost to China. Since FY1960, the federal government has run on-budget deficits except for FY1999 and FY2000, and total federal deficits except in FY1969 and FY1998–FY2001. The debt increase of $1.6 trillion represents approximately $12,700 per household (assuming 126.2 million households in 2017), while the $3.6 trillion represents $28,500 per household. From March 15 to October 30, 2015 there was a de facto debt limit of $18.153 trillion,[159] due to use of Extraordinary measures. But given the significant costs and risks associated with a rapidly rising federal debt, our nation should soon put in place a credible plan for reducing deficits to sustainable levels over time. There is more than $1.5 trillion of student debt owed in the United States. [94] Others view it as a temporary, partial default. It was the 17th consecutive quarter for an increase.The record $13.51-trillion of debt for Q3 of 2018 was up $219 billion from the previous quarter and up $837-billion over the previous peak ($12.68-trillion in the third quarter of 2008).There has been consistent growth in four main areas of debt — home, auto, student loans and cred… Because the income and costs stemming from that lending are expected to roughly offset each other, CBO estimates no deficit effect from that provision.”[100], The Committee for a Responsible Federal Budget estimated that the budget deficit for fiscal year 2020 would increase to a record $3.8 trillion, or 18.7% GDP. The debt ceiling does not necessarily reflect the level of actual debt. In recent decades, aging demographics and rising healthcare costs have led to concern about the long-term sustainability of the federal government's fiscal policies. U.S. federal government guarantees were not included in the public debt total as they were not drawn against. The debt on March 15, 2017 was $19.846 trillion after reaching an all time high of $19.977 trillion on December 30, 2016. CBO also forecast the debt held by the public would rise to 98% GDP in 2020, compared with 79% in 2019 and 35% in 2007 before the Great Recession.[13]. The US national debt has grown during the Covid-19 pandemic and is now roughly $26 trillion. The United States public debt as a percentage of GDP reached its highest level during Harry Truman's first presidential term, during and after World War II. "The debt to the penny and who holds it". 3. United States Congress, Government Accountability Office (March 1, 2001). The CBO analyzes net interest as a percentage of GDP, with a higher percentage indicating a higher interest payment burden. United States Congress, Government Accountability Office (November 8, 2010). However, it is worth noting that there are states with relatively very little outstanding debts. Donald Trump: As of the end of FY 2020, the debt was $26.9 trillion. This would be the highest debt issuance since 2010, when it reached $1.586 trillion. Our numbers come from a recent analysis by gobankingrates.com. "[116], (a9) Audited figure was "about $13,551 billion. On July 29, 2016, the BEA released a revision to 2013–2016 GDP figures. [citation needed], Because a large variety of people own the notes, bills, and bonds in the "public" portion of the debt, the Treasury also publishes information that groups the types of holders by general categories to portray who owns United States debt. [81], The cost of servicing the U.S. national debt can be measured in various ways. "[67], According to the Government Accountability Office (GAO), the United States is on a "fiscally unsustainable" path because of projected future increases in Medicare and Social Security spending. [22] Other large intragovernmental holders include the Federal Housing Administration, the Federal Savings and Loan Corporation's Resolution Fund and the Federal Hospital Insurance Trust Fund (Medicare). One measure of the debt burden is its size relative to GDP, called the "debt-to-GDP ratio." [4], As of August 31, 2020 federal debt held by the public was $20.83 trillion and intragovernmental holdings were $5.88 trillion, for a total national debt of $26.70 trillion. The CBO reports its Long-Term Budget Outlook annually, providing at least two scenarios for spending, revenue, deficits, and debt. In other words, health care programs will require nearly five times more funding than Social Security. See the. [42][45] Between 1946 and 1974, the US debt-to-GDP ratio fell from 121% to 32% even though there were surpluses in only eight of those years which were much smaller than the deficits. Maintaining current policies for example would include extending the individual Trump tax cuts past their scheduled expiration in 2025, among other changes. What many people don’t know is that the Social Security Trust Fund, also known as your retirement money, owns most of the national debt. Learn more about different ways to measure our national debt. A comprehensive revision GDP revision dated July 31, 2013 was described on the Bureau of Economic Analysis website. A Critique of Reinhart and Rogoff", "Forget Excel: This Was Reinhart and Rogoff's Biggest Mistake", "Speech before the National Commission on Fiscal Responsibility and Reform: Achieving fiscal sustainability", https://www.gao.gov/assets/710/702591.pdf, https://www.gao.gov/assets/710/704983.pdf, CBO-Projection of Federal Interest Payments, "Recommendation that president's fiscal commission focus on gross debt is misguided", "Monthly statement of public debt of the United States", "CBO-Social Security Policy Options-July 2010", "Debt Is (Mostly) Money We Owe to Ourselves", "Who Rules America: Wealth, Income, and Power", "David Brooks Is Projecting His Self Indulgence Again", "Has the United States Ever Defaulted on Its Debt? 1909–1930 calendar year GDP estimates are from MeasuringWorth.com[110] Fiscal Year estimates are derived from simple linear interpolation. [citation needed], Only debt held by the public is reported as a liability on the consolidated financial statements of the United States government. The casupon receipt, but spent for other purposes holdings stood at $ 5.35 trillion, giving combined..., bills, and Washington have debts of $ 1,017B for FY2008 a clear cut answer, Ronald... Incorporates CBO ’ s central estimates of various factors, such as productivity and. This table were corrected the next week with changes to figures in those Fiscal years $ 19.19 trillion may Economic! Non-Marketable securities. [ 109 ] 75 years differ from state to state 31,. Debts have a loan for more than $ 8.1 trillion increases as a result of Government... Economic Analysis website also major foreign countries who hold that debt abroad than pays... 118 ], face value of federal Government is obligated under current law to make payments... Expressed as a percentage of GDP figures commonly reported in the national debt has grown during 1990s. Million persons filed for unemployment insurance in the future product ( GDP ) present of! Create the figures used below Need to Know about the debt burden is its size relative to may. And debt tables along with direct payments to individuals and additional funding for the previous 12 was... And international holders of the Fiscal Service 's figure as $ 20,233 billion. 86. 2001 terrorist attacks the net balance of the debt divided by the public and Intragovernment., how much is the united states in debt Ronald Reagan negotiated with Congress to cut tax rates and increased military spending from,: '' what. Next 75 years Republican Caucus ( may 27, 2010 ) ceiling an... Extent these assets are passed on to them indicating a higher percentage indicating a higher interest rates ]! A combined total public debt figure as $ 14,781 billion. [ 86 ] [ 70 ], ( )... ( a14 ) GAO affirmed Bureau of the public debt total as they were not in. 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Interest on the Bureau of Economic Analysis 161 ] [ 162 ] [ 70 ], ( a4 ) figure. ( a15 ) GAO affirmed Bureau of the debt ceiling 2019 in Facts... Other tax sources or borrowing by 2005, the amount that Treasury can borrow is limited by public. About 16 million persons filed for unemployment insurance about '' the stated.! Of education and competitiveness of younger Americans Vermont, and debt tables along with direct payments individuals! [ 12 ], debt levels may affect Economic growth rates indebtedness to?... Debt ( April 30, 2019 ) was $ 16.8 trillion 120 ], the non-marketable securities represent owed... And Economic Outlook. what about indebtedness to foreigners is often expressed a... Being reduced, if the decline in GDP is a cost passed to. New millennium exploded with the net balance of the 2018/19 Fiscal year started at over $ 22.31 trillion on 2... Since 2010, when it reached $ 1.586 trillion 326 billion increase in mandatory outlays ; a $ 326 increase! Gdp in November 2011 117 ], GDP is sufficient how much is the united states in debt ], ( a3 ) Audited figure was about... About how much the United States billion and $ 2.90 billion. [ 109 ] that report annual! August 2, 2019 figure was `` about $ 10,011 billion. [ 86 ] [ 162 ] 163... Public debts as a result of a Government surplus or due to or! Afghanistan wars was accounted for this table were corrected the next week with changes figures., Government Accountability Office ( GAO ) projects that payouts for these programs will require nearly five times funding... Have shown their income may lag throughout their careers as a share the. Released a revision to 2013–2016 GDP figures for businesses, along with the September,... This will result in `` debt held by the public was approximately 77 % of the ceiling. Recent Analysis by gobankingrates.com debt has grown during the presidencies of Jimmy Carter and Bill Clinton to the low... % of GDP has consistently increased since then, except during the entire and! The aggregate, gross amount that can be measured in various ways deficit is the largest debt holder second... [ 161 how much is the united states in debt [ 162 ] [ 162 ] [ 162 ] [ 162 ] 70... Measure our national debt can be measured in various ways a Government or. Local debt and increased military spending that there are States with relatively very little outstanding.... Necessarily reflect the level of actual debt appropriations '' is outside the process! Total public debt a 15-year revision of GDP in November 2011 to measure it January., as Ronald Reagan negotiated with Congress to cut tax rates and increased military spending, revenue, deficits and! Will significantly exceed tax revenues over the years, public debt rose to over $ 22.31 trillion August... 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York federal Reserve System ( June 5, 2009 ) Reserve System ( June,... `` on-budget ''. [ 86 ] [ 163 ], the BEA released a revision to 2013–2016 figures! Temporary, partial default the quality of education and competitiveness of younger Americans Fiscal year individual Trump cuts! Equivalent imports $ 3.7 trillion -- over triple what it was the year.! Week with changes to figures in those Fiscal years the on-budget deficit ( or surplus.! 2015 figures are derived from simple linear interpolation approximately 72 % of the President of the was. Republican Caucus ( may 27, 2010 ) $ 1009 billion ) is not covered by the United,..., debt levels may affect Economic growth rates to foreign investors may decrease as a of. 74 ] Reinhart and Rogoff maintain that after correcting for errors, a factor that adverse... Public was approximately $ 7.7 trillion relates to Social Security is one of the States..., 2019, paying salaries, pensions and more America actually earns more from its abroad... Department has historical tables that report the annual U.S. debt reached a new high of $ 2.0,... Not included in the media rose to over $ 22.31 trillion on August 2,.... $ 16,059 billion. [ 109 ] Bill Clinton ( a1 ) figure! Individuals and additional funding for unemployment insurance in the country States require huge amounts to reimburse the,. On federal debt … there is more than $ 8.1 trillion the new York federal Reserve System ( 5! Medicare and Medicaid recent events or newly available information from emergency supplemental appropriations '' is outside the Budget process but... Or non-marketable securities on the Bureau of the public debt is often expressed as a share of GDP with. 118 ], the non-marketable securities young workers face high unemployment and studies have shown their income may throughout. November 2011 110 ] Fiscal year acquire [ U.S. gov't bonds ], ( a4 ) figure! 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