The current US national debt is approximately $36.56 trillion, of which public debt amounts to around $29 trillion, and government accounts total about $7.4 trillion. Here are the details:
- *Total federal debt*: $36.56 trillion
- *Public debt*: $29 trillion (about 77% of GDP in 2017)
- *Government debt*: $7.4 trillion
The US national debt has seen a significant increase over the years, with major spikes during times of crisis such as the COVID-19 pandemic. The Congressional Budget Office projects that public debt will rise to 116% of GDP by 2034 and could reach 172% of GDP by 2054 if current laws remain unchanged.
Some key factors contributing to the growth of the national debt include:
- *Government spending*: Increased spending on programs like Medicare, Medicaid, and Social Security.
- *Tax revenues*: Decreased tax revenues due to economic recession or tax cuts.
- *Interest costs*: Rising interest costs on the national debt.
The national debt is financed through various means, including:
- *Treasury securities*: Notes and bonds held by global investors and governments.
- *Foreign ownership*: Foreign governments and investors own about 33% of