United States Public Debt

United States Public Debt - United States public debt From...

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United States public debt From Wikipedia, the free encyclopedia Have questions? Find out how to ask questions and get answers. US Debt from 1940 on. Red lines indicate the public debt and black lines indicate the gross debt , the difference being that the gross debt includes funds held by the government (i.e. the Social Security Trust Fund ). The second chart shows debt as a percentage of U.S. GDP or dollar value of economic production per year. Data from the FY 2009 U.S. Budget historical tables The United States total public debt , commonly called the national debt , or U.S. government debt , is the amount of money owed by the United States federal government to creditors who hold U.S. debt instruments . Debt held by the public is all federal debt held by states , corporations , individuals, and foreign governments, but does not include intragovernmental debt obligations or debt held for Social Security . Types of securities held by the public include, but are not limited to, Treasury Bills, Notes, Bonds, TIPS, United States Savings Bonds, and State and Local Government Series securities. [1]
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As of April 2008 , the total U.S. federal debt was approximately $9.5 trillion [2] , about $31,100 per capita (that is, per U.S. resident). Of this amount, debt held by the public was roughly $5.3 trillion. [3] If, in addition, unfunded Medicaid , Social Security, Medicare , etc. promises are added, this figure rises to a total of $59.1 trillion. [4] In 2007 the public debt was 36.8 percent of GDP ranking 65th in the world. [5] The total debt is currently 66.5% of GNP. It is important to differentiate between public debt and external debt . The former is the amount owed by the government to its creditors, whether they are nationals or foreigners. The latter is the debt of all sectors of the economy (public and private), owed to foreigners. In the U.S., foreign ownership of the public debt is a significant part of the nation's external debt (see also below). The Bureau of the Public Debt , a division of the United States Department of the Treasury , calculates the amount of money owed by the national government on a daily basis. [6][7][8][9] The US budget deficit has been declining for the last three years and the Congressional Budget Office projects a surplus by 2012. However, this estimate is based on current law, which assumes sizable tax reductions will expire in 2010. [10] When the U.S. Government has a surplus, it may pay down its outstanding debt by paying back the principal of the outstanding bonds redeemed for payment while not issuing new bonds. The U.S. Government could also purchase its own outstanding securities on the open market if it was searching for a way to use a surplus to reduce outstanding debt that was not due for redemption in a given year. [11]
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United States Public Debt - United States public debt From...

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