#USNationalDebt The **U.S. national debt** is the total amount of money that the federal government owes to creditors, including individuals, businesses, foreign governments, and other entities. It consists of **public debt** (owed to investors) and **intragovernmental debt** (owed to other government accounts, like Social Security).

**Current U.S. National Debt (As of June 2024)**

- **Total Debt:** ~$34.8 trillion

- **Debt Held by the Public:** ~$27.4 trillion

- **Intragovernmental Debt:** ~$7.4 trillion

**Key Facts:**

1. **Debt-to-GDP Ratio:** ~123% (Debt is larger than the U.S. economy's annual output).

2. **Major Contributors:**

- **Deficit Spending** (government spends more than it collects in taxes).

- **Tax Cuts** (e.g., Trump tax cuts in 2017, Bush tax cuts in 2001 & 2003).

- **Economic Crises** (COVID-19 relief, 2008 financial crisis, wars).

3. **Recent Increases:**

- Added **$1 trillion** about every 3 months in early 2024.

- Surged during COVID-19 (over $7 trillion added since 2020).

**Who Owns the Debt?**

- **Foreign Governments (~30%):** Japan (~$1.1T), China (~$770B), UK, Luxembourg, others.

- **U.S. Investors & Institutions:** Federal Reserve, mutual funds, pensions, banks.

- **Social Security & Other Trust Funds.**

**Debt Ceiling**

- The U.S. has a legal **debt limit** set by Congress.

- In 2023, Congress suspended the limit until **January 2025**, avoiding default.

**Concerns & Debates**

- **Sustainability:** Rising interest payments could strain the budget.

- **Political Battles:** Republicans push for spending cuts; Democrats favor tax hikes.

- **Economic Impact:** High debt could lead to inflation, higher interest rates, or slower growth.

Would you like historical trends, projections, or comparisons with other countries?